The Saudi Arabian stock market ended lower on Wednesday, marking its first annual loss in seven years, while the Egyptian bourse was the Middle East's best performer in 2022.
to become the world's biggest company in May, gave up those gains to end the year around where it started, with year-to-date losses at 1.4%.of Qatar, among the world's top exporters of liquefied natural gas, dropped 1.1%.Makarem said the Ukraine war has created strong volatility in energy prices which in turn affected economies around the globe and the performance of companies in various sectors from transport to retail.
"The fear of an economic slowdown has gripped markets throughout the year and could extend to 2023 as a recession remains possible." Oil prices - a key catalyst for the Gulf's financial markets - surged 80% earlier this year before giving up most gains.
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