March 28, 2023

Today, on Monday, most of the Gulf stock markets closed lower, following their global peers, amid investor sentiment, which was influenced by expectations of major central banks, including the Federal Reserve (US central bank), to raise interest rates, while the Abu Dhabi index went against the trend and rose. at the close of trading.

Investors expect the Federal Reserve to raise interest rates by 25 basis points on Wednesday, and any deviation from this scenario would be a real shock.

Most Gulf currencies are pegged to the dollar, with Saudi Arabia, the UAE and Qatar typically following the US in terms of monetary policy changes.

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The Saudi index fell 0.3 percent to end seven sessions higher. The index was affected by losses in financial and commodity stocks, with Al-Rajhi Bank down 0.4 percent and Riyad Bank down 1.9 percent.

The Abu Dhabi index ended the session up 0.7 percent after falling more than 3 percent, its lowest level in six months.

The growth of the index at the end of trading was supported by the growth of shares of the National Energy Company of Abu Dhabi by 4.2% and shares of Etisalat Group by 5.2%.

Outside the Gulf region, Egypt’s leading stock index fell 2.2 percent, breaking a 12-session uptrend. The index fell due to the losses of almost all listed stocks.

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