Qatar
\nSaudi Arabia\u2019s stock market closed lower on Sunday after US economic data stoked fears the Federal Reserve will act more aggressively to curb inflation.
\nMost Gulf Cooperation Council countries, including Qatar, Saudi Arabia and the United Arab Emirates have their currencies pegged to the U.S. dollar and follow the Fed\u2019s policy moves closely, exposing the region to a direct impact from monetary tightening in the world\u2019s largest economy.
\nThe benchmark index (.TASI) in Saudi Arabia dropped 0.5%, dragged down by a 2.1% slide in Retal Urban Development Co (4322.SE) and a 0.9% decrease Al Rajhi Bank (1120.SE).
\nOn Friday, oil – a catalyst for the Gulf\u2019s financial markets – settled down $2 a barrel, ending the week markedly lower, as traders worried future U.S. interest rate hikes could cut energy demand and evidence mounted fuel supplies are ample.
\nOutside the Gulf, Egypt\u2019s blue-chip index (.EGX30) declined 0.9%, with most of the index\u2019s stocks were in negative territory, including Fawry For Banking Technology and Electronic Payment (FWRY.CA), which was down 3.1%.
\nEgyptian International Pharmaceutical Industries Co (PHAR.CA), which is not part of the index, shed more than 5% after shareholders decided to delay a capital increase through a rights issue.
\nIn Qatar, the index (.QSI) bucked the trend to finish 0.7% higher, led by a 3.4% rise in the Gulf\u2019s biggest lender Qatar National Bank (QNBK.QA).<\/p>\n","protected":false},"excerpt":{"rendered":"
Qatar Saudi Arabia\u2019s stock market closed lower on Sunday after US economic data stoked fears the Federal Reserve will act more aggressively to curb inflation. Most Gulf Cooperation Council countries, including Qatar, Saudi Arabia and the United Arab Emirates have their currencies pegged to the U.S. dollar and follow the Fed\u2019s policy moves closely, exposing […]<\/p>\n","protected":false},"author":2,"featured_media":314846,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-314824","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n