2023-07-16 15:13:00
TASI rose 0.1%, supported by the rise of Riyad Bank’s share, 3.1%.
Dubai – Al Arabiya.net
Posted on: July 16, 2023: 07:13 PM GST Last updated: July 16, 2023: 08:03 PM GST
Most stock markets in the Gulf region closed higher on Sunday, extending gains from the previous session when slowing inflation in the United States raised expectations that the cycle of US interest rate hikes would stop following this month.
Most of the GCC states, including Qatar, Saudi Arabia and the UAE, peg their currencies to the dollar and generally follow the Federal Reserve’s rate decisions.
The Saudi index, “TASI”, rose 0.1%, supported by the rise of the share of Riyad Bank, 3.1%, according to “Archyde.com”.
Government data showed today that the annual inflation rate in the Kingdom slowed to 2.7% in June from 2.8% in May.
According to data from the Saudi General Authority for Statistics, the prices of housing, water, electricity, gas and other fuels increased by 9.1% in general in June on an annual basis, while the costs of restaurants and hotels increased by 4.3% and education by 3%.
In Qatar, the index increased 0.1%, with Qatar Gas Transport rising 1%. Qatar Islamic Bank also rose 0.1% following announcing an increase in net profit for the first half.
Outside the Gulf region, Egypt’s leading index, EGX30, closed little changed.
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