Qatar’s stock market ended lower on Sunday as comments from two US Federal Reserve officials curtailed investor optimism that the central bank is nearing the end of its aggressive interest rate hikes.
Fed Governor Christopher Waller said at an economics conference that core inflation “is not coming down like I thought it would,” which probably would require more tightening.
Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Most Gulf bourses fall as hawkish Fed hurts mood
The Qatari Stock index dropped 0.1%, extending its losses to a second session with Gulf’s biggest lender Qatar National Bank falling 0.2% and Qatar Islamic Bank shedding 1.1%.
Among the losers, Lesha Bank and Dukhan Bank lost 1.1% and 1.3% respectively.
Saudi Arabia’s benchmark index added marginally as losses in energy and financial sectors countered gains in most of the sectors.
Dr Sulaiman Al-Habib Medical Services climbed 2.5% and Mouwasat Medical Services surged 6.1%.
However, Riyad Bank and the world’s largest Islamic bank by assets Al Rajhi Bank lost 2.1% and 0.7% respectively.
Outside the Gulf, Egypt’s blue-chip index continued its four-session winning streak and ended 0.8% higher with most sectors higher.
The index was lifted by a 5% jump in Eastern Co and 4.5% rise in El Sewedy Electric.
Separately, the International Finance Corporation (IFC) will act as a consultant for Egypt’s ambitious IPO program, the county’s prime minister said on Sunday.
SAUDI ARABIA ended flat to 11,517
QATAR lost 0.1% to 10,266
EGYPT rose 0.8% to 18,026
BAHRAIN added 0.1% at 1,958
OMAN ended flat 4,683
KUWAIT added 0.6% to 7,821
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