Saudi leads most Gulf bourses higher; Egypt down – Reuters.com
- Date: 20-Mar-2023
- Source: Reuters
- Sector:Financial Markets
- Country:Saudi Arabia
Saudi leads most Gulf bourses higher; Egypt down – Reuters.com
March 19(Reuters) - Saudi Arabia's stock market closed higher on Sunday to outperform the Gulf region, amid expectations of a lower interest rate hike by the U.S. Federal Reserve in the aftermath of the collapse of two big regional banks.
Markets are pricing in a 25 bps increase by the U.S. Federal Reserve when it meets next week, down from previous expectations for a 50 bps increase.
Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.
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