Most Gulf markets end lower, Egypt ekes out gains – Reuters.com
- Date: 29-May-2023
- Source: Reuters
- Sector:Financial Markets
- Country:Egypt
Most Gulf markets end lower, Egypt ekes out gains – Reuters.com
May 28 (Reuters) - Most stock markets in the Gulf ended lower on Sunday as investors focus in on the prospects of more Federal Reserve interest rate hikes as the U.S. closes in on a deal to raise its debt ceiling.
Most Gulf Cooperation Council countries, including Saudi, have their currencies pegged to the dollar and generally follow the Fed's policy moves, exposing the region relatively directly to any monetary tightening there.
Saudi Arabia's benchmark index (.TASI) lost 0.4%, with Al Rajhi Bank (1120.SE) declining 1% and Dr Sulaiman Al-Habib Medical Services (4013.SE) finishing 1.4% lower.
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