2023-06-18 14:08:00
© Archyde.com. An investor watches a screen displaying stock information on the Abu Dhabi Stock Exchange in a photo from Archyde.com archive.
From Muhammad Munther Hussain
(Archyde.com) – The Qatari stock market closed lower on Sunday after the statements of two Federal Reserve officials (the US central bank) led to a decline in investor optimism about the imminent abandonment of decisions to raise interest rates.
Fed Governing Council member Christopher Waller said in an economic conference that core inflation “will not go as low as I thought,” adding that this may require more monetary tightening.
Most Gulf currencies are pegged to the dollar, and the UAE and Qatar usually follow any change in US monetary policy.
The Qatari index fell 0.1 percent, extending its losses for the second session, with Qatar National Bank, the largest Gulf bank, dropping 0.2 percent and Qatar Islamic Bank dropping 1.1 percent.
Among the losers were the shares of Lisha and Dukhan Banks, which fell by 1.1 percent and the second by 1.3 percent.
It rose slightly after losses in the energy and financial sectors wiped out the gains of most other sectors.
The share of Dr. Sulaiman Al-Habib Group for Medical Services rose 2.5 percent, while the share of Mouwasat (TADAWUL:) for medical services jumped 6.1 percent.
On the other hand, the shares of Riyad Bank (TADAWUL:) fell 2.1 percent, and Al-Rajhi Bank fell 0.7 percent.
Outside the Gulf region, the blue-chip index rose for the fourth consecutive session, closing 0.8 percent higher, in light of the gains of most sectors.
The index’s gains were reinforced by a 5 percent jump in the share of Al-Sharqiya – Eastern Company, and the rise of 4.5 percent in El Sewedy Electric.
(Prepared by Muhammad Ali Farag for the Arabic Bulletin – Edited by Ali Khafaji)
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