Gulf stocks closed higher on Sunday after expectations that the US Federal Reserve would stop raising interest rates bolstered investor sentiment.

The US central bank raised its key interest rate by a quarter of a percentage point on Wednesday, but indicated it would consider pausing further hikes in light of pressure on the banking system.

Most Gulf central banks followed suit, raising interest rates by a quarter of a percentage point on Wednesday, according to Reuters, given their currencies are heavily pegged to the dollar.

Saudi Arabia’s benchmark TASI rose 0.1% for a second consecutive session of gains, helped by gains in the materials and communications sectors.

The share of the mobile telecommunications company (Zain, Saudi Arabia) rose by 9.8%, the largest increase in daily trading since October 2020 after the company announced an increase in annual net profit of more than 157%.

Arab Pipe Company’s share jumped 9.5%, the highest daily increase since November 10, 2021, after the company’s annual net profit reached 8.9 million rials, compared with a loss of 60.1 million rials a year earlier.

The Qatari stock index rose 1.2%, continuing its rise for the third straight session. The index recorded gains across all sectors, with Qatar National Bank’s share up 3.1% and Qatar Islamic Bank’s up 2.7%.

Other growth leaders included Qatar Telecom Company Ooredoo, whose share grew by 2.7%, and Qatar Fuel Company, whose share grew by 1.7%.

Outside the Gulf region, the main index of the Egyptian Stock Exchange rose 2.3%, continuing the previous session’s gains.

The index rose after shares of Sidi Kerir Petrochemical Company jumped 15.1% and shares of Fawry Banking Services Company rose 7%.

Shares of Alexandria Mineral Oils Company jumped 9.8%, Eastern Company – 3.9%.

Today, Sunday, the Eastern Company, which specializes in tobacco products, announced a revision of prices for its products.

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