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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    A collective decline in the Gulf stock exchanges, due to the possibility of raising the US interest

    Rocky
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    A collective decline in the Gulf stock exchanges, due to the possibility of raising the US interest  Empty A collective decline in the Gulf stock exchanges, due to the possibility of raising the US interest

    Post by Rocky Mon 29 May 2023, 5:11 am

    A collective decline in the Gulf stock exchanges, due to the possibility of raising the US interest rate

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    Economy News / Baghdad
    Most of the Gulf stock markets closed lower today, Sunday, as investors awaited the possibility of the Federal Reserve (the US central bank) raising interest rates after reaching an agreement regarding raising the government debt ceiling for the United States.
    Most Gulf countries, including Saudi Arabia, peg their currencies to the dollar, and generally follow the example of the US Central Bank's policies, which makes the region directly affected by any monetary tightening there.
    The Saudi stock market index lost 0.4%, with the share of Al-Rajhi Bank declining 1%, and the share of Dr. Sulaiman Al-Habib Medical Services Group falling 1.4%, according to Reuters.
    On the other hand, the share of the giant oil company "Aramco" rose 0.2%.
    Oil prices - a major supporter of financial markets in the Gulf - rose on Friday as US officials approached a debt ceiling agreement and the market assessed conflicting messages about oil supplies from Russia and Saudi Arabia ahead of the next OPEC + alliance meeting.
    The Qatari index fell 0.3%, affected by the 2.6% decline in the share of the telecommunications company, Ooredoo.
    Outside the Gulf region, the Egyptian blue-chip index rose 0.5%, supported by an 11.3% rise in the share of Edita Food Industries.
    On the other hand, a government official and dealers said that Egypt has postponed payments for its large purchases of wheat, in some cases for months, while it suffers from a shortage of hard currency.
    Egypt is one of the world's largest wheat importers and uses the wheat purchases to produce heavily subsidized bread for tens of millions of citizens. Any change in the subsidy system is highly politically sensitive.



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