Saudi bourse falls on Fed worries; Qatar gains
Saudi Arabia's stock market closed lower on Sunday after US economic data stoked fears the Federal Reserve will act more aggressively to curb inflation.
Most (Persian) Gulf Cooperation Council countries, including Qatar, Saudi Arabia and the United Arab Emirates have their currencies pegged to the US dollar and follow the Fed's policy moves closely, exposing the region to a direct impact from monetary tightening in the world's largest economy.
The benchmark index TASI in Saudi Arabia dropped 0.5%, dragged down by a 2.1% slide in Retal Urban Development Co and a 0.9% decrease Al Rajhi Bank.
On Friday, oil - a catalyst for the Gulf's financial markets - settled down $2 a barrel, ending the week markedly lower, as traders worried future US interest rate hikes could cut energy demand and evidence mounted fuel supplies are ample.
Outside the Persian Gulf, Egypt's blue-chip index declined 0.9%, with most of the index's stocks were in negative territory, including Fawry For Banking Technology and Electronic Payment, which was down 3.1%.
Egyptian International Pharmaceutical Industries Co, which is not part of the index, shed more than 5% after shareholders decided to delay a capital increase through a rights issue.
In Qatar, the index bucked the trend to finish 0.7% higher, led by a 3.4% rise in the Persian Gulf's biggest lender Qatar National Bank.
(Source: Reuters)
Crude prices fall on possible ceasefire in Lebanon
Breaking up Google an option being considered by US, report shows
Boycott on Israel helped Arabs revive their economies: Analysis
Israeli strikes kill 88 Palestinians in northern Gaza
American voters plainly rejected complicity in Gaza genocide: Iran FM spox
ICC should issue more arrest warrants for Israeli authorities over Gaza genocide: UN expert
Israel using AI weapons co-produced by India in Gaza genocide: Report
Israel issues new evacuation orders, shortly launches strikes on southern Lebanon
VIDEO | Press TV's news headlines
From Iraq to Gaza: The great disconnect between British people and rulers
Syria condemns Israel's killing of 36 in 'horrific' strike on Palmyra
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
