The Qatar stock market closed lower today, Sunday, after statements by two representatives of the Federal Reserve System (US Central Bank) led to a decrease in investor optimism about the imminent abandonment of the decision to raise interest rates.
US Federal Reserve board member Christopher Waller told an economic conference that core inflation “will not fall as low as I thought,” adding that it may require further tightening of monetary policy.
Most Gulf currencies are pegged to the dollar, and Saudi Arabia, the UAE, and Qatar generally follow any change in US monetary policy.
The Qatari index fell 0.1%, extending its second-session losses, with Qatar National Bank, the Gulf’s largest bank, down 0.2% and Qatar Islamic Bank’s share down 1.1%.
Among the losers were the shares of the Lisha and Dukhan banks, which fell by 1.1%, and the second – by 1.3%.
The Saudi Arabian stock market index rose slightly to 11,516.9 after losses in the energy and financial sectors offset gains in most other sectors.
Share Sulaiman Al-Habib Group for Medical Services rose 2.5% and Al-Mouwasat Medical Services’ share jumped 6.1%.
On the other hand, Riyad Bank fell 2.1% and Al-Rajhi Bank fell 0.7%.
Outside the Gulf region, the Egyptian blue-chip index rose for a fourth consecutive session, closing up 0.8% on gains in most sectors.
The growth of the index was supported by a 5% jump in the share of Al-Sharqiya Company – Eastern Company and a 4.5% increase in the share of El Sewedy Electric.
