© Archyde.com. An investor watches a screen displaying stock information on the Abu Dhabi Stock Exchange in a photo from Archyde.com archive.
From Muhammad Munther Hussain
(Archyde.com) – The main stock markets in the Gulf closed lower on Tuesday, following a decline in global stock exchanges, amid investor fears that the Federal Reserve (the US central bank) will continue to raise interest rates to tame inflation.
Investors are awaiting the minutes of the Federal Reserve meeting scheduled to be held on Wednesday after the latest data on core inflation raised the possibility of keeping interest rates higher for a longer period.
Most countries in the Gulf Cooperation Council peg their currencies to the US dollar, and Qatar, Saudi Arabia and the UAE usually follow the US central bank’s financial policy.
It declined by 1 percent to continue its losses for the fourth session, affected by a 1.9 percent drop in the share of Retal Urban Development Company, and the share of Suleiman Al Habib Medical Services Company that fell 2.1 percent.
The Abu Dhabi index fell 0.3 percent, driven down by a 2 percent drop in Abu Dhabi National Energy Company and Aldar Properties, which fell 1.5 percent.
The main fell 0.1 percent, affected by losses in almost all sectors, with Emaar Properties (DFM:) falling 1.6 percent and Dubai Islamic Bank (DFM:) 0.7 percent.
Qatar’s index fell 0.2 percent, ending four consecutive sessions of gains. Dukhan Bank fell 31.2 percent after it started trading on Tuesday with an opening price of four Qatari riyals and closed at 2.992 Qatari riyals.
Outside the Gulf region, the blue-chip index closed at an increase of 1.3 percent, to end three sessions of losses, with the rise of most of the shares listed in it.
The share of the Commercial International Bank (EGX:) rose 1.4 percent, and the share of Sidi Kerir Petrochemical Company (EGX:) 6.2 percent.
(Prepared by Mohamed Attia for the Arabic Bulletin – Edited by Ayman Saad Muslim)