Most Gulf stocks rebounded yesterday with support from major stocks, at a time when investors are betting on a steep rise in interest rates by the Federal Reserve this week.
Most GCC countries fix their local currencies to the dollar and generally follow the Fed’s moves, exposing the region to the direct impact of US monetary tightening.
According to “Reuters”, Dubai’s leading index rose 0.7 percent, led by the leading Emaar Real Estate Company’s share of 1.6 percent, as well as Dubai Islamic Bank’s share of 1.3 percent. hundred.
In Abu Dhabi, the index rose 0.4%, supported by an increase in shares of the International Holding Company by 1%, after the group said: Decided to acquire a 15% stake in Burjeel Holding Group through one of its units.
The Qatar index closed 0.6% higher, with Qatar’s petrochemical industries up 2%.
Crude oil prices, the main catalyst for the Gulf financial markets, have risen at a time when “OPEC” and its allies are producing less than their quotas, but prices are set to decline for the fourth consecutive month before another. US interest rates expected to rise, which may limit economic growth and fuel demand.
The Muscat index rose 0.14% to 4,476 points. The Kuwait index rose 0.4% to 8,433 points. The Bahrain index stood at 1936 points.
In Cairo, the main Egyptian stock market index closed up 1%. A Reuters poll predicts that Egypt’s central bank will raise the overnight deposit rate by 100 basis points on Thursday, as part of its attempts to curb rising inflation.
Average expectations in a survey of 15 analysts indicated that the Central Bank of Egypt would raise interest rates on deposits to 12.25 percent at the regular meeting of the Monetary Policy Committee. They expected the lending rate to be raised to 13.25%.
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