2024-02-01 16:28:09
The performance of stock markets in the Gulf region was mixed at the close, Thursday, with the Federal Reserve hinting at a possible start to cut interest rates, while growing tension in the region affected investor sentiment.
The Council Committee’s decision to keep interest rates unchanged yesterday, Wednesday, was not surprising, but he stressed that interest rates will not be reduced until he has more confidence in actually being able to curb inflation.
Speaker Jerome Powell in a news conference flatly ruled out tapering as early as March, but also acknowledged that everyone on the committee is looking to ease this year.
Price movements
The main index of the Saudi market rose by one percent, ending a series of losses that lasted three days, with Al Rajhi Bank shares advancing 2.4 percent, while the shares of the National Bank of Saudi Arabia, the country’s largest bank, closed up 1.4 percent.
Shares of the giant oil company, Saudi Aramco, rose 1.3 percent.
The Qatari index fell by 0.4 percent, affected by a 1 percent drop in Qatar Islamic Bank’s stock and a 2.1 percent drop in Masraf Al Rayan’s stock.
In Abu Dhabi, the index closed 0.4 percent lower.
The main index of the Dubai Stock Exchange advanced 1.2 percent, with leading stock Emaar Properties rising 1.5 percent.
Outside the Gulf region, Egypt’s leading stock index rose 0.5 percent.
The International Monetary Fund said on Wednesday that it was making progress in talks with Egypt on how to resume disbursement of a $3 billion loan following a sharp decline in the currency exchange rate in the parallel market, which made reaching an agreement more urgent.
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