Skip to main content

Gulf bourses drop; Egypt extends decline

1 min

Stock markets in the Gulf fell on Sunday, led by the Saudi index, after the U.S. Federal Reserve Chair Powell indicated the latest inflation data did not undermine the central bank's baseline outlook.

ACWA Power  fell 3.5% and Saudi National Bank, the kingdom's largest lender, lost 1.5% © Mena Today 

Stock markets in the Gulf fell on Sunday, led by the Saudi index, after the U.S. Federal Reserve Chair Powell indicated the latest inflation data did not undermine the central bank's baseline outlook.

Saudi Arabia's benchmark index was down for a second straight session and dropped 1.3%, with almost all sectors in the red.

ACWA Power  fell 3.5% and Saudi National Bank, the kingdom's largest lender, lost 1.5%.

Among other losers, Middle East Pharmaceutical Industries and Al Rajhi Bank , the world's largest Islamic lender, slid 7.8% and 1% respectively.

Meanwhile, the index gained 3.6% on a quarterly basis.

The Qatari benchmark index dropped for a fifth straight session and ended 1% lower with almost all sectors in the negative territory.

The latest U.S. inflation data is "along the lines of what we would like to see," Fed Chair Jerome Powell said on Friday in comments that appeared to keep the central bank's baseline for interest rate cuts this year intact.

Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy changes are usually followed by Saudi Arabia, the United Arab Emirates and Qatar.

Outside the Gulf, Egypt's blue-chip index extended its losses to a fourth straight session and lost 2.5% to 26,883, lowest levels in more than two months.

By Md Manzer Hussain

Related

United Nations

UN committee unable to agree on Palestinian bid for full membership

 A United Nations Security Council committee considering an application by the Palestinian Authority to become a full U.N. member "was unable to make a unanimous recommendation" on whether it met the criteria, according to the committee report seen by Reuters on Tuesday.

Business

IMF sees slow, steady 2024 global growth; China, inflation pose risks

The global economy is set for another year of slow but steady growth, the International Monetary Fund said on Tuesday, with U.S. strength pushing world output through headwinds from lingering high inflation, weak demand in China and Europe, and spillovers from two regional wars.

Subscribe to our newsletter

Mena banner 4

To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.

  • Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.