Gulf Stock Markets Close Higher as Oil Prices Rise Amidst Fears of US Interest Rate Hike

Most stock markets in the Gulf closed higher on Thursday, as fears that the US Federal Reserve may raise interest rates subsided, in light of the rise in oil prices for most of the morning session.

The US Federal Council will hold its next meeting to set interest rates on June 13-14, and investors fear that it may stick to its stance of tightening monetary policy for a long time.

Markets now expect the US Federal Reserve to keep interest rates unchanged at the next meeting at 72.5 percent, according to CME FedWatch data.

The World Bank had lowered its forecast for the growth of the economies of the Middle East and North Africa region during the current year by 1.3 percent to 2.2 percent, compared to its previous expectations in January, but it raised its forecast for the economies of the region during 2024 by 0.6 percent to 3.3 percent.

Market movements

– The Saudi index increased by 0.2 percent to 11,397.14 points, with the share of Al-Rajhi Bank rising 0.4 percent and the share of Banque Saudi Fransi increasing by 2 percent.

Weekly, the Saudi index achieved gains of 3.5 percent, to record its first weekly gain in four weeks.

The General Authority for Statistics said today, Thursday, that Saudi Arabia’s economy grew by 3.8 percent year-on-year in the first quarter of 2023, broadly in line with estimates issued last month.

– The Dubai index settled at 3,687.63 points at the close, after rising for nine consecutive sessions.

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The Abu Dhabi index fell 0.1 percent to 9,351.82 points.

– The Qatar Stock Exchange index fell by the end of the session by 0.38 percent to 10,257.21 points

– Kuwait’s first market index rose by the end of the session by 0.18 percent to 7,604.62 points.

– Outside the Gulf region, the Egyptian blue-chip index EGX30 rose by 1 percent, thanks to gains recorded by most of the stocks on the index, including the share of the Commercial International Bank, which rose by 1 percent.

2023-06-08 16:02:01
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