DUBAI: Stock markets in the Gulf put in a mixed performance on Wednesday amid expectations of slowing economic growth and fears of a recession in the United States.
Saudi Arabia’s benchmark index was among the risers, adding 0.4% for a sixth session of gains, with Al Rajhi Bank closing 1.3% higher and Dr Sulaiman Al-Habib Medical Services up 1.7%.
US Consumer confidence fell to a nine-month low in April, a survey showed on Tuesday, intensifying concerns of a potential recession.
Investors are worried that further potential interest rate hikes by inflation-fighting central banks could slow economic growth and dent energy demand in the United States, Britain and the European Union.
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 Fed’s policy moves closely, exposing the region to monetary tightening in the world’s largest economy.
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