Most of the Gulf region’s stock exchanges ended their trading higher on Sunday, supported by lower-than-expected inflation data in the United States, which supports the opinion that the US Federal Reserve will reduce interest rates early in the new year.
A US Department of Commerce report showed that prices fell last November for the first time in more than 3 and a half years.
On December 13, the Federal Reserve (the US central bank) indicated that it had reached the end of the monetary tightening cycle, and had opened the door to lowering interest rates next year.
Monetary policy in the Gulf Cooperation Council countries shows reactions influenced by the decisions of the US Federal Reserve, as most of the currencies of the countries in the region are linked to the US dollar.
The Qatari index rose for the sixth session in a row and ended today’s trading with an increase of 1.1%, with all sectors rising.
While Qatar Islamic Bank shares increased 3.3% and Commercial Bank shares increased 1.9%.
The Saudi index rose 0.6%, after two consecutive sessions of losses, driven by gains achieved by all sectors.
Outside the Gulf region, the leading Egyptian index declined for the fourth session in a row, and ended Sunday’s trading with a 2% decline, pressured by a 3.2% decline in Commercial International Bank shares and a 5.1% decline in e-Finance shares.
2023-12-24 22:16:03
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