Saudi Arabia
Gulf states on high alert after US strikes Iran's nuclear sites
Gulf states, home to multiple U.S. military bases, were on high alert on Sunday after U.S. strikes on Iran raised the possibility of a widening conflict in the region.
Stock markets in the Gulf declined on Thursday, as investors awaited key inflation data due on Friday to assess the likely path of interest rates from the U.S. Federal Reserve.
The crucial February reading of the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, is due on Friday © Mena Today
Stock markets in the Gulf declined on Thursday, as investors awaited key inflation data due on Friday to assess the likely path of interest rates from the U.S. Federal Reserve.
Saudi Arabia's benchmark index fell 0.3% with most sectors in the red and logged a 2.1% loss for the week.
Al Rajhi Bank, the world's largest Islamic lender, slipped 1.4% and Saudi Research and Media Group slumped 10%, the steepest drop in more than six years after the media firm posted a 15.9% decrease in annual net profit.
However, Saudi National Bank climbed 4.9%, the sharpest rise since early January, after the kingdom's largest lender has appointed a new chief executive in place of the acting CEO.
The Qatari benchmark index was down 0.1%, weighed down by losses in energy, finance, real estate and industry sectors with Qatar Navigation sliding 2.3% and Qatar International Islamic Bank dropping 1.4%.
In Abu Dhabi, the benchmark index slid for a fourth straight session and ended 0.1% lower, with Aldar Properties sliding 1.1% and First Abu Dhabi Bank, the UAE's largest lender, falling 0.6%.
Dubai's benchmark index was little changed as Commercial Bank of Dubai gained 4.4% and Dubai Financial Market added 3.5%.
The crucial February reading of the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, is due on Friday.
A hot reading for the PCE index could dent market optimism around early rate cuts.
By Md Manzer Hussain
Gulf states, home to multiple U.S. military bases, were on high alert on Sunday after U.S. strikes on Iran raised the possibility of a widening conflict in the region.
The United Arab Emirates has announced the creation of a new Ministry of Foreign Trade, as part of its efforts to strengthen its position in the global economy and diversify its trade partnerships.
Syria this week carried out its first international bank transfer via the SWIFT international payment system since the outbreak of the country’s 14-year civil war, central bank governor Abdelkader Husriyeh said on Thursday, a milestone in Syria’s push to reintegrate into the global financial system.
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