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Friday, December 8, 2023
WorldMiddle EastGulf stock performance varied as investors waited for Fed decision

Gulf stock performance varied as investors waited for Fed decision

The US Federal Reserve is expected to raise interest rates by 25 basis points on Wednesday, after previously raising them by 475 basis points since March last year, from near zero to the current range, which is between 4.75 and 5%. .

Most of the GCC countries, including Saudi Arabia, the United Arab Emirates and Qatar, peg their currencies to the dollar and closely follow the Federal Reserve’s monetary policy measures, which makes the region directly affected by the tightening. currency in the largest economy in the world.

indicator performance

Most major indices trended lower at 10:05 GMT, following the impact of oil markets:

  • The Saudi market index fell 0.9% to 11,184 points – The Abu Dhabi financial market index fell 0.45% to 9,660 points – The Kuwait first market index fell fell 1.1% to 7,793 points – The Bahrain Stock Exchange index fell 0.18% to 1,898 points.

On the other hand:

  • Dubai Financial Market Index rose 0.74% to 3,562 points – Qatar Stock Exchange Index rose 0.42% to 10,315 points.

Oil prices, a major catalyst for Gulf financial markets, fell, extending the losses recorded in the previous session, weak economic data in China and expectations of a rise in US interest rates affecting the market.

Markets in the region are awaiting tomorrow the release of the International Monetary Fund’s regional economic outlook report for the Middle East and Central Asia, in which it will review its forecast for the region’s economies for the current year. .

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Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

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