Egypt leads 2022 gains

DUBAI: The Saudi Arabian stock market ended lower on Wednesday, marking its first annual loss in seven years, while the Egyptian bourse was the Middle East’s best performer in 2022.

Saudi Arabia’s benchmark index eased 0.1%, hit by a 1.1% fall in Al Rajhi Bank.

The index, which hit its highest level in nearly 17 years in early May, finished the year down 7.1% at a near 20-month low.

Most Gulf Cooperation Council countries, including Saudi Arabia, the United Arab Emirates and Qatar, have their currencies pegged to the US dollar and follow the Federal Reserve’s policy moves closely, exposing the region to a direct impact from monetary tightening in the world’s largest economy.