Saudi stock market (Tadawul)
Most of the Gulf stock markets closed lower on Sunday, as investors awaited the possibility of the US Federal Reserve raising interest rates after reaching an agreement regarding raising the government debt ceiling for the United States.
Most Gulf countries, including Saudi Arabia, peg their currencies to the dollar and generally follow the example of the US Central Bank’s policies, which makes the region directly affected by any monetary tightening there, according to Reuters.
The Saudi index lost 0.4 percent, with Al Rajhi Bank down 1 percent and Dr. Sulaiman Al Habib Medical Services Group down 1.4 percent.
On the other hand, the giant oil company (Aramco) rose 0.2 percent.
Oil prices – a major supporter of financial markets in the Gulf – rose on Friday as US officials approached a debt ceiling agreement and the market assessed conflicting messages about oil supplies ahead of the next OPEC+ alliance meeting.
The Qatari index fell 0.3 percent, affected by a 2.6 percent decline in the share of the telecommunications company (Ooredoo).
Outside the Gulf region, the Egyptian blue-chip index rose 0.5 percent, supported by an 11.3 percent rise in the share of Edita Food Industries.
2023-05-28 14:26:33
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