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Gulf Stock Exchange Plunges $1.24 Billion as US Banks Collapse

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Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

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 legal entities.

The first market losses equaled those of the banks (3 percent) as the index lost 231.74 points, which was reflected in the exchange’s overall index, which fell 194.68 points, or 2.7 percent, while the main index fell by 1.88 percent.

The pace of trading was affected by the news about 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 them , but this does not specifically affect financial centers of banks exposed to silicon.

The turmoil that hit the financial markets affected most of the region’s stock exchanges at a time when there were reports and news about encouraging measures taken by the US administration regarding the guarantee of depositors’ deposits, while reports contained expectations about the possibility of the US Federal Reserve changing policy frequent increases in interest rates, albeit temporarily, noting that its meeting will be held on March 22, which will also affect 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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