Gulf Stock Exchange Plunges $1.24 Billion in Wake of U.S. Bank Collapse
Shares listed on the Kuwait Stock Exchange today, Tuesday, recorded a market loss of 1.247 billion dinars due to the decline suffered in most sectors during the last session.
The market value of the Stock Exchange closed at 45.004 billion dinars, which was affected by the pace of trading in leading stocks such as banks, which lost 3 percent in one session of their weight, reaching 29.492.2 billion dinars, and other entities.
The losses of the first market equaled those of the banks (3 percent) as the index lost 231.74 points, which was reflected in the overall index of the exchange, which fell by 194.68 points, or 2.7 percent, while the main index fell by 1. 88 percent.
The pace of trading was affected by news of the bankruptcy of some US banks (Signature, Silicon Valley, Silver Gate), but what most Kuwaiti banks have shown so far indicates that there are no risks in these banks, except for very small amounts for some of the them, but this does not specifically affect the financial centers of banks exposed to silicon.
The turmoil affecting the financial markets has affected most of the region’s stock exchanges at a time when reports and news of encouraging measures taken by the US administration to guarantee depositors’ deposits appeared, and reports contained expectations about the possibility of the US Federal Reserve changing its policy of frequent interest rate hikes. , albeit temporarily, noting that its meeting will be held on March 22, which will also have an impact on the direction of the Central Banks of the region, including the Gulf countries.
This trend, if adopted, is expected to have a positive impact on financial markets, which now need a chance to catch their breath and rethink investor strategies, especially as stock prices fall to levels that many consider good. for purchase.
Source: Kuwaiti newspaper Al-Rai.
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