Stock markets in the Gulf closed higher on Sunday, after expectations that the US Federal Reserve would stop raising interest rates boosted investor sentiment.
The US central bank raised the main interest rate by a quarter of a percentage point on Wednesday, but indicated that it would consider pausing further increases in light of the pressures on the banking system.
Most central banks in the Gulf countries followed suit and raised interest rates by a quarter of a percentage point on Wednesday, given their currencies are highly pegged to the dollar, according to Reuters.
The benchmark index of the Saudi stock market, “TASI”, rose 0.1%, achieving gains for the second consecutive session, supported by gains in the materials and communications sectors.
The share of the Mobile Telecommunications Company (Zain Saudi Arabia) rose 9.8%, its largest rise during daily trading since October 2020, after the company announced an increase in its annual net profit by more than 157%.
The share of the Arab Pipe Company jumped 9.5%, the highest daily rise since November 10, 2021, after the company’s annual net profit reached 8.9 million riyals, compared to a loss of 60.1 million riyals a year ago.
The Qatari stock index rose 1.2%, extending its rise for the third consecutive session. The index recorded an increase in all sectors, and the share of Qatar National Bank rose 3.1%, and the share of Qatar Islamic Bank rose 2.7%.
Among other gainers, Qatar Telecom Company Ooredoo, whose share rose 2.7%, and Qatar Fuel Company, whose share rose 1.7%.
Outside the Gulf region, the main index of the Egyptian Stock Exchange rose 2.3%, extending its gains in the previous session.
The index rose after the share of Sidi Kerir Petrochemical Company jumped 15.1%, and the share of Fawry Banking Services Company rose 7%.
The shares of the Alexandria Mineral Oils Company jumped 9.8%, and the Eastern Company rose 3.9%.
Today, Sunday, Eastern Company, which specializes in tobacco products, announced a review of the prices of its products.