2023-10-22 14:26:36
Stock markets in the Gulf region fell on Sunday, amid warnings regarding the possibility of the Federal Reserve (the US central bank) raising interest rates and fears of escalating conflict in the Middle East.
Federal Reserve Chairman Jerome Powell said on Friday that the strength of the US economy and the continued increase in job opportunities outnumber those seeking them may require stricter borrowing conditions to control inflation.
Monetary policy in the six Gulf Cooperation Council countries is usually guided by the decisions of the US Central Bank because the currencies of most of those countries are pegged to the dollar.
The Saudi index continued to decline for the third session in a row, closing down 1.5 percent following all sectors witnessed a decline.
Elm Company shares fell 2.3 percent, and Al Rajhi Bank shares, the largest Islamic bank in the world in terms of assets, fell 2.1 percent.
The Qatari index continued to decline for the fifth session in a row, closing down 0.9 percent. Industries Qatar and Qatar Navigation shares lost 2.2 percent and three percent, respectively.
Shares of Qatar National Bank, the largest in the Gulf region, fell 2.1 percent.
Outside the Gulf region, Egypt’s leading stock index rose 2.3 percent amid gains for almost all stocks. Shares of Eastern Company and Talaat Moustafa Group jumped 6.9 percent and 8.1 percent, respectively.
Meanwhile, fears have increased today regarding the risk of the fighting between Israel and the Palestinians escalating into a broader conflict in the Middle East following the United States sent more military assets to the region coinciding with Israel’s bombing of the Gaza Strip last night and also launching strikes on targets in Lebanon and Syria.
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