Most of the Gulf stock exchanges declined with renewed fears of inflation

Most of the Gulf stock exchanges declined with renewed fears of inflation
Most of the Gulf stock exchanges declined with renewed fears of inflation
Most of the Gulf stock exchanges fell in early trading today, following in the footsteps of Asian stocks, while investors’ attention remained focused on concerns about interest rates and inflation.

The main index of the Saudi Stock Exchange fell 1.5 percent, affected by the decline in Al-Rajhi Bank by 2.4 percent and the Sahara International Petrochemicals by 2.9 percent.

Oil prices, the main catalyst for the Gulf financial markets, plunged by more than six dollars a barrel as US President Joe Biden sought to reduce fuel prices.

Biden is scheduled to meet with officials from seven oil companies tomorrow at the White House in order to reduce fuel prices as companies achieve record profits.

And the energy sub-index on the Saudi Stock Exchange fell 0.6 percent.

Dubai’s main index fell 1.4 percent, with Emaar Properties dropping 2.8 percent.

The main index of the Abu Dhabi Stock Exchange fell 1.2 percent, with the share of First Abu Dhabi Bank, the largest bank in the Emirates, down 1.1 percent.

Economists polled by “Reuters” expect the Federal Reserve (the US central bank) to raise interest rates by another 75 basis points next month, then half a percentage point in September, and will not return to raising rates by only a quarter of a percentage point before November at the earliest.

The Doha Stock Exchange index lost 0.2 percent, with Qatar’s Commercial Bank dropping 1.1 percent.


The article is in Arabic

Tags: Gulf stock exchanges declined renewed fears inflation

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