June 2, 2023

Most Gulf stock markets closed higher on Tuesday as fears of a global banking crisis receded.

Investor sentiment was bolstered by expectations that the Federal Reserve would cut interest rate hikes..
Markets are expecting a 25 basis point hike in interest rates from the Federal Reserve meeting later today for two days, compared to previous expectations of a 50 basis point hike..
Most GCC countries peg their currencies to the dollar, and Qatar, Saudi Arabia and the UAE usually follow any move in US monetary policy. The Saudi index rose 1.4 percent, extending gains into the second session.

The Dubai Index overcame losses from previous sessions to close up 1.1 percent. The index rose on gains across all sectors, including Salik Traffic Tolls up 2.1 percent and Emaar Properties up 3.9 percent..
The Qatari index rose 1 percent, ending an eight-session drop. The index posted gains across the board, led by the financial and energy sectors..
In Abu Dhabi, the index fell slightly, continuing its fall from the previous session, on the back of a 10% decline in the share of the National Marine Dredging Company and a 1% fall in the share of the largest lender in the UAE, First Abu. Dabi Bank..
Outside the Gulf region, the Egyptian blue-chip index rose 2.7 percent, continuing the previous session’s success, with gains across all sectors..

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