A Archyde.com poll of analysts showed that the dollar will remain strong for at least three months, supported by expectations of a larger US interest rate hike.
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The main index of the Dubai Stock Exchange fell 0.5%, affected by the decline in Emaar Properties and Aramex shares
Most of the stock markets in the Gulf fell today, Wednesday, with traders awaiting US inflation data For the month of June, which came higher, seeking indications of the size of the US interest rate hike this month.
The main index in Saudi Arabia fell 1.1%, close to its lowest level in six months, with Aramco shares falling 3.4% and Sahara International Petrochemicals shares by about 10%.
A Archyde.com poll of analysts showed that the dollar will remain strong for at least three months, supported by expectations of a larger US interest rate hike, and will remain in great demand as a safe haven for value due to fears of a global recession.
Concerns that raising interest rates will lead to a slowdown or perhaps economic recession are the main drivers behind the decline in stock prices this year and the rise of the dollar.
The main index of the Dubai Stock Exchange fell 0.5%, affected by the decline of Emaar Properties by 2.9% and Aramex by 0.6%. In Abu Dhabi, the main index of the stock exchange closed down 0.8%, with the share of First Abu Dhabi Bank falling 0.7%.
But the Abu Dhabi Ports stock jumped 3.8% after the company signed an agreement with Hyatt Biotech to support the global expansion of the international company. The Qatari index fell 1.7%, affected by the decline in the share of Qatar Islamic Bank by 5.7% and the share of Qatar National Bank by 2.6%.
The markets of Egypt and Kuwait remained closed due to the Eid al-Adha holiday.