Most of the Gulf stock exchanges rebounded yesterday with the support of the leading stocks, at a time when investors are betting on a sharp interest rate hike by the Federal Reserve this week.
Most of the GCC countries peg their local currencies to the dollar and generally follow the Fed’s moves, exposing the region to the direct impact of monetary tightening in the United States.
According to “Archyde.com”, the main Dubai index increased by 0.7 percent, led by the share of the leading Emaar Real Estate Company by 1.6 percent, as well as the share of Dubai Islamic Bank by 1.3 percent.
In Abu Dhabi, the index rose 0.4 percent, supported by an increase in the shares of International Holding Company 1 percent, following the group said: It decided to acquire a 15 percent stake in Burjeel Holding Group through one of its units.
The Qatari index closed up 0.6 percent, with Petrochemical Industries Qatar rising 2 percent.
Crude oil prices, the main catalyst for Gulf financial markets, rose at a time when “OPEC” and its allies are producing less of their quotas, but prices are heading to decline for the fourth consecutive month before another expected increase in US interest rates, which may limit economic growth and demand. on fuel.
The Muscat index rose 0.14 percent to 4,476 points. The Kuwait index rose 0.4 percent to 8,433 points. The Bahrain index settled at 1936 points.
In Cairo, the main index of the Egyptian Stock Exchange closed up 1 percent. A Archyde.com poll expected the Central Bank of Egypt to raise the overnight deposit rate by 100 basis points on Thursday, as part of its attempts to curb rising inflation.
Average expectations in a poll of 15 analysts indicated that the Central Bank of Egypt would raise interest rates on deposits to 12.25 percent at the regular meeting of the Monetary Policy Committee. They expected the lending rate to be raised to 13.25 percent.
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