2024-01-16 15:09:31
Major stock markets in the Gulf region closed lower on Tuesday, following the lead of global markets as bets on a cut in global interest rates by next March declined, and also driven by hawkish statements from policymakers in central banks in Europe.
On Monday, European Central Bank officials retreated from expectations of lowering interest rates, as German Central Bank President Joachim Nagel said that it was too early to discuss lowering interest rates.
Investors are awaiting a speech by US Federal Reserve Governor Christopher Waller on economic expectations at 16:00 GMT, following the markets in November welcomed the shift in his views that tended to tighten, when he set a path for cuts at the time.
Monetary policy in the Gulf Cooperation Council countries usually follows the decisions of the Federal Reserve, as most of the region’s currencies are linked to the dollar.
The Saudi TASI index fell 0.4 percent, a day following ending a series of losses that lasted five sessions, affected by the 1.4 percent drop in the shares of the giant oil company, Saudi Aramco.
Oil prices rose as a result of instability in the Red Sea, with Brent crude rising 0.6 percent in recent trading to $78.62 per barrel.
The Qatari Stock Exchange index fell 0.3 percent, affected by the 3.5 percent drop in Qatar Navigation Company’s stock.
Qatar Islamic Bank (QIB) shares fell 0.9 percent.
After the closure, the bank announced that it had achieved net profits of 4.31 billion riyals ($1.18 billion) during the past year, an increase of 7.5 percent year-on-year.
The main index of the Dubai Stock Exchange fell 0.5 percent, with Emaar Properties shares falling 0.7 percent.
The main index of the Abu Dhabi Stock Exchange fell 0.2 percent.
Outside the Gulf region, the main index of the Egyptian Stock Exchange, EGX30, rose by 2.6 percent, recording its highest levels ever, led by the shares of Talaat Mostafa Real Estate Group, which rose 11.8 percent, continuing its gains since signing an agreement with ADQ Holding to acquire a 40.5 percent stake in Aikon Company. , the hospitality arm of Talaat Moustafa Group.
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