An investor walks through the Dubai Financial Market after Joe Biden won the U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike
Most major stock markets in the Gulf fell in early trade on Tuesday, after Wall Street hit a confirmed bear market milestone on fears aggressive interest rate hikes would push the world’s largest economy into a recession.
MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) extended losses and was down 1.54%.
Meanwhile, the kingdom announced on Monday the lifting of measures that had been taken to prevent the spread of COVID-19, the state news agency reported, citing an official in the interior ministry. read more
However, Fertiglobe (FERTIGLOBE.AD) rose as much as 2.9% after the company said it was expecting a cash distribution of at least $700 million for the first half of 2022..
Elsewhere, Shuaa Capital (SHUA.DU) jumped 2.5% after the firm announced completion of leveraged buyout financing facility for the acquisition of Allianz Marine and Logistics Services.
Reporting by Mohd Edrees in Bengaluru; Editing by Subhranshu Sahu
This article was originally published by Reuters.