Suchi News
Saudi Arabia’s stock market closed higher on Sunday than the Gulf, amid expectations of lower interest rates by the US Federal Reserve following the collapse of two major banks. .
Markets are buying a 25 bps hike by the US Federal Reserve when it meets next week, down from earlier expectations for a 50 bps hike.
Most of the Gulf’s currencies are pegged to the US dollar, but Saudi Arabia, the United Arab Emirates and Qatar often emulate changes in US monetary policy.
Gulf stocks fall as Credit Suisse fears spook investors
Saudi Arabia’s stock index ended its five-day losing streak, jumping 1.8%, the highest level since December 13.
The index rose by revenue in all sectors, led by banks and commodities with the world’s largest Islamic bank by assets, Al Rajhi Bank rising 3.3% and Riyad Bank rising 4.2%.
Oil company Saudi Aramco rose 0.5%, while real estate developer Retal Urban Development gained 1.4%.
Arabian Drilling fell 4.5% after reporting a fourth-quarter profit of 137 million riyals ($36.47 million), a drop of 66% quarter-on-quarter. However, profits rose 16% year over year.
Qatari Stock index fell lower, extending its decline to a sixth session with gains in the financial and telecommunications sectors weighed on losses in business and materials.
Islamic heavyweights Qatar Islamic Bank and Masraf Al Rayan rose 1.9% and 3.2% respectively.
But Qatar Navigation and Qatar Fuel fell 6.5% and 2.3% respectively.
Outside the Gulf, Egypt’s blue-chip index fell 0.2%, extending its lead to a sixth grade.
The index was dragged down by a 6.1% slide in Telecom Egypt and a 3.2% drop in Fawry Banking.
Shares of Cleopatra Hospitals fell 3.1% after the health and medical services company reported a 27% drop in fourth quarter consolidated profit.
SAUDI ARABIA rose 1.8% to 10,158
QATAR fell 0.01% to 9,909
KUWAIT added 0.2% to 7,855
BAHRAIN finished tied at 1,897
OMAN fell 0.3% to 4,872
EGYPT lost 0.2% to 14,681
.
