2023-07-25 14:45:00
© Archyde.com. An investor watches a screen displaying stock data on the Abu Dhabi Securities Exchange. Photo from Archyde.com archive.
(Archyde.com) – Most stock markets in the Gulf closed higher on Tuesday thanks to higher corporate earnings, although gains were limited as attention turned to the Federal Reserve’s interest rate decision due on Wednesday.
Oil prices remained high, the main catalyst for financial markets in the Gulf. Oil prices hovered near their highest levels in three months following signs of supply cuts and Chinese authorities’ pledges to support their economy, the world’s second-largest, boosted sentiment, but weak Western economic data had some negative impact.
The main index in the market rose 0.7 percent, supported by an 8.5 percent rise in the share of Alinma Bank (TADAWUL:) following it recorded a significant increase in quarterly profits.
The bank, which witnessed its largest daily gain in more than three years, achieved a net profit in the second quarter of 1.23 billion riyals (327.97 million), up from 925.1 million riyals a year earlier.
The main stock index in Dubai closed up 0.5 percent, supported by a 1.8 percent rise in Dubai Islamic Bank (DFM:) and an increase of 4.1 percent in Gulf Navigation Company.
It fell 0.2 percent.
Most currencies are pegged to the dollar in the Gulf Cooperation Council countries, including the UAE, Saudi Arabia and Qatar, and these countries generally follow the policy movements of the US Federal Reserve, which exposes the region to a direct impact from any moves in US monetary policy.
In Egypt, the leading stock index fell 0.4 percent. Shares of most companies fell, including the eastern company – Eastern Company – whose share fell 1.9 percent.
(Covering by Ateeq Sharif from Bengaluru – Prepared by Muhammad Harfush for the Arabic Bulletin – Edited by Mahmoud Reda Murad)
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