India's First International News Journal

24.1 C
Wednesday, May 31, 2023
WorldMiddle EastAnticipation of debt ceiling talks drives most Gulf stock markets lower

Anticipation of debt ceiling talks drives most Gulf stock markets lower


In the Dubai financial market, pressure renewed on equities after a strong rally on Wednesday.

Farah Murad, XTB’s senior market analyst for the Middle East and North Africa, said market participants may exercise more caution given the continued impact of US issues on markets. prospects.

“As a result, the main Dubai index could experience price corrections if the decline in sentiment continues,” she added.

Oil prices generally stabilized amid cautious anticipation by dealers of any sign of progress in talks to raise the US debt ceiling, after crude prices surged last session in an environment of optimism regarding fuel demand in the United States.

On Wednesday, President Joe Biden and House Speaker Kevin McCarthy underscored their intention to reach an agreement to raise the federal government’s debt ceiling to $31.4 trillion and avoid defaulting, which would have disastrous economic consequences.

A deal must be reached and approved by both houses of Congress before the government runs out of money, which is expected by June 1.

indicator performance

The Saudi Stock Exchange’s main index rose 0.6%, extending its gains from yesterday’s session, with the stock of National Bank of Saudi Arabia, the Kingdom’s largest bank, rising 2 .7%.

Dubai’s main index fell 0.3%, with Salik, a road toll collector, down 1.3%.

The Abu Dhabi market index also fell 0.2%.

The Qatari index closed 0.4% lower, after rising 2% yesterday, as media reported that Doha plans to boost the stock market to attract foreign investors.

Outside the Gulf region, Egypt’s blue-chip EGX30 index fell 0.58%, hurt by the 2.7% drop in Commercial International Bank’s share.

A Reuters survey showed on Monday that the Central Bank of Egypt is expected to keep interest rates unchanged at its meeting on Thursday, after inflation fell slightly in April and the bank raised interest rates. interest of 200 basis points in March.

Read the Latest World News Today on The Eastern Herald.

Copyright © 2023 The Eastern Herald.

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


Please enter your comment!
Please enter your name here


Millionaire Aisle Raffle Draw


Latest News