The performance of the Gulf stock exchanges varied with the decline of the Saudi index, by Reuters

From Muhammad Munther Hussain

(Reuters) – The stock market recorded the worst performance among the Gulf stock exchanges, whose performance varied on Monday, amid fears that the Federal Reserve (the US central bank) will raise interest rates.

Two US central bank policymakers signaled on Friday that interest rates would have to be raised after US data showed the world’s largest economy was holding up much better than expected.

Most of the countries of the Gulf Cooperation Council, including Qatar, Saudi Arabia and the UAE, link their currencies to the dollar and follow the movements of the American Central Bank.

The main index in Saudi Arabia fell 1.2 percent, affected by the decline in most sectors.

Al-Rajhi Bank, the largest Islamic bank in the world by assets, fell 1.3 percent, while Riyad Bank (TADAWUL:) fell 2.1 percent.

On the other hand, the share of Etihad Etisalat Company (TADAWUL:) jumped 5.7 percent to record its highest gain since June, after it announced a 54.6 percent increase in its annual net profit.

The main rose 0.1 percent, supported by gains in the banking, real estate and industrial sectors.

Emirates NBD Bank (DFM:) rose 1.5 percent, while Salik Traffic Tolls rose 0.7 percent.

The Abu Dhabi index recorded a slight decline, affected by the decline in the Abu Dhabi National Oil Company (ADNOC) by 1.6 percent and the share of Aldar Properties by 1.3 percent.

Qatar index closed unchanged.

Baladna, the country’s largest dairy and beverage company, rose 2.7 percent.

Outside the Gulf region, the Egyptian blue-chip index fell 3 percent, extending its losses for the third consecutive session, with the decline of most of the stocks included in it.

The share of the International Commercial Bank (EGX:) decreased 3.6 percent, while the share of the Fawry Electronic Payment Company declined 4.8 percent.

(Prepared by Muhammad Attia for the Arabic Bulletin – Edited by Muhammad Muhammadin)