2023-09-27 15:10:52
Saudi Stock Market (Tadawul)
Most of the major stock markets in the Gulf continued their losses on Wednesday, as fears of raising interest rates curbed investor enthusiasm, even though rising oil prices gave the Saudi stock market its biggest boost in about four months.
Last week, the US Federal Reserve fixed the interest rate in a range between 5.25 and 5.50 percent, but most policy makers indicated the possibility of raising interest rates again by the end of the year.
The monetary policy of the six Gulf Cooperation Council countries is usually guided by monetary policy decisions made by the Federal Reserve, given that most currencies in the region are linked to the dollar.
Oil prices rose by more than a dollar on Wednesday. By 1112 GMT, Brent crude futures rose $1.14 to $95.10 per barrel.
The Qatari index fell 0.6 percent, and shares of financial and industrial companies were among the biggest losers on the index. Qatar Islamic Bank shares fell by more than 1.4 percent, and Industries Qatar shares fell 1.3 percent.
Commercial Bank shares also fell by 2 percent, and Qatar National Bank shares, the largest Gulf bank, fell by 0.3 percent.
The Dubai index fell 0.7 percent, as gains in industrial sectors offset losses from finance and utility companies.
Emirates NBD Bank, the largest bank in Dubai, fell by 1.7 percent, and Emaar Properties fell by 2.3 percent, but Gulf Navigation Holding rose by 3.4 percent.
The Abu Dhabi index closed lower, with the shares of First Abu Dhabi Bank, the largest bank in the Emirates, falling by 0.1 percent, and the shares of Aldar Properties Company falling by 2.5 percent.
The Saudi index rose 1.4 percent, achieving its largest gains since early June, supported by the rise in shares of almost all sectors, with financial and energy sector shares leading the rise.
The shares of Al Rajhi Bank, the second largest bank in Saudi Arabia in terms of assets, rose by 1.6 percent, and the shares of the giant Saudi oil company (Aramco) increased by 1.8 percent.
Outside the Gulf region, Egypt’s leading stock index fell 0.9 percent, with 22 out of 30 stocks declining. The index had reached its highest levels ever in its previous sessions.
Commercial International Bank shares rose 2.1 percent, and Fawry Banking Services shares rose 5.2 percent.
The shares of Abu Qir Fertilizers and Chemical Industries Company fell 3.6 percent, and the shares of Fawry Electronic Payment Services Company fell 4.1 percent.
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