Most Gulf stock markets closed higher on Wednesday after fears of a banking crisis subsided and investor sentiment was boosted by expectations that the US Federal Reserve would raise interest rates less than previously.
Markets are now awaiting the Federal Reserve’s decision on monetary policy to be released later in the day and most analysts expect the bank to raise interest rates by 25 basis points to curb inflation, but Goldman Sachs said the refusal from the increase will be “justified”. move.
Most of the GCC countries peg their currencies to the US dollar, and Saudi Arabia, the UAE and Qatar usually follow the US lead in their monetary policy.
The Qatari stock index rose 1 percent, extending the previous session’s gains, driven by gains across all sectors, led by manufacturing and financial services. In Abu Dhabi, the index rose 0.6 percent after falling for two sessions, supported by gains in ADNOC shares. Gas by 5.4 percent and an increase in Alpha Abu Dhabi Holding by 2.8 percent.
Dubai’s main index extended gains from previous sessions to close up 0.4 percent, helped by gains in most sectors. Emaar Properties rose 1.6% and Emirates Central Cooling Systems Corporation 2.5%.
As for Saudi Arabia’s main index, it fell 0.1 percent, ending a three-session gain due to losses in the materials, healthcare and financial services sectors.
Outside the Gulf region, the blue-chip index in Egypt fell 0.5 percent, ending a two-session gain due to losses in almost all sectors.