Nov 23 (Reuters) – Most stock markets in the Gulf ended mixed on Wednesday amid volatile oil prices, with the Qatari index snapping a seven-session losing streak.
Crude prices, a key catalyst for the Gulf’s financial markets, reversed course to fall by more than $2 a barrel as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading.
The G7 is looking at a price cap on Russian sea-borne oil in the range of $65-70 per barrel, a European Union diplomat said.
The Abu Dhabi market rebounded after a week of price corrections, which could help the market maintain a strong uptrend, Wael Makarem, senior market strategist at Exness, said.
Nomura has warned that seven countries – Egypt, Romania, Sri Lanka, Turkey, Czech Republic, Pakistan and Hungary – are now at a high risk of currency crises.
The Saudi stock exchange was closed on Wednesday after Saudi Arabia declared a public holiday as the country’s soccer team beat Argentina in the World Cup.
Reporting by Ateeq Shariff in Bengaluru; Editing by Shounak Dasgupta
Our Standards: The Thomson Reuters Trust Principles.
Read More: Gulf markets mixed as Qatar ends 7-day losing streak