2023-11-01 15:20:59
Dubai Financial Market
Most stock markets in the Gulf region rose on Wednesday, as markets awaited the US Federal Reserve’s decision on interest rates, although the conflict in the Middle East remains the focus of attention.
Economists widely expect the Federal Reserve to hold borrowing interest rates in a range of 5.25 to 5.5 percent when it announces its decision at 1800 GMT.
Most Gulf Cooperation Council countries peg their currencies to the dollar and closely follow the Federal Reserve’s monetary policy moves.
The Saudi index rose 1.2 percent, with Etihad Atheeb Telecommunications shares rising 4.3 percent, continuing the gains it achieved in the previous session when the company announced a sharp increase in its quarterly profits.
Arabian Pipe Company shares rose 10 percent, becoming the largest gainer on the index following the company also announced a jump in third-quarter profits.
In Dubai, the main index closed 0.4 percent higher, supported by a 1.8 percent rise in the shares of Emirates NBD Bank, the largest bank in the Emirates.
The Abu Dhabi index rose 0.9 percent.
UAE Minister of Economy Abdullah bin Touq Al Marri said on Wednesday that the country’s gross domestic product grew 3.7 percent in the first half of the year, as the growth of the non-oil sector significantly exceeded overall growth.
He added at a business conference in Dubai that the growth of the non-oil sector increased by 5.9 percent in the first half of the year.
The Qatari index also closed 0.6 percent higher, with Industries Qatar shares rising 1.1 percent.
Outside the Gulf region, Egypt’s leading stock index fell 0.5 percent, with most of the stocks listed on it declining, including the share of the tobacco monopoly Eastern Company, which fell four percent.
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