Saudi Shares fall on weak earnings, volatile oil – Reuters
- Date: 31-Oct-2022
- Source: Reuters
- Sector:Financial Markets
- Country:Saudi Arabia
Saudi Shares fall on weak earnings, volatile oil – Reuters
Oct 30 (Reuters) - Saudi Arabian shares extended losses on Sunday, weakened by disappointing corporate earnings, volatile energy markets and the expectation the U.S. Federal Reserve will hike interest rates next week.
Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually copy any monetary policy change in the United States.
The benchmark index (<.TASI>) in Saudi Arabia declined 0.7%, pulled down by a 2% drop in SABIC Industries (<2010.SE>) shares after the company reported a lower quarterly profit.
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