April 1, 2023

The main GCC equities closed higher on Sunday, after slowing US inflation reinforced expectations that the Federal Reserve (the US central bank) will slow down the pace of interest rate hikes.
The government said on Friday that the US central bank’s preferred rate of inflation slowed in December to its lowest level since September 2021.
Most Gulf currencies are pegged to the US dollar, and Saudi Arabia, the UAE and Qatar usually follow the US lead in terms of changing monetary policy.
Saudi Arabia’s core index rose 0.2 percent on gains in the energy and financial sectors, Saudi oil giant Aramco rose 0.3 percent and Al-Rajhi Bank, the world’s largest Islamic bank by market value, rose 1.6 percent .
The Qatar Stock Exchange index rose 0.4 percent, and most of its constituent stocks were in the positive zone.
Qatar National Bank, the largest lender in the Gulf region, continued to rise, climbing 0.9%, while the commercial bank continued its unbroken rise from Monday, climbing 2.6% after rising 10% on Thursday.
Outside the Gulf region, Egypt’s leading index rose 3.7%, the highest intraday gain since November.

Leave a Reply

Your email address will not be published.