Most Gulf stocks rose yesterday following the example of oil prices and global stocks, after Federal Reserve Chairman Jerome Powell said the US Federal Reserve had expressed a lower-than-expected position on raising interest rates. Testimony in Congress.
Powell said during the congressional hearing that the US economy was bearing the brunt of the Covit-19 epidemic and was ready to tighten monetary policy.
According to Reuters, the Abu Dhabi Stock Exchange index rose 0.5 percent to 8,371 points, ending seven sessions with losses, while Etisalat Group’s rose 0.5 percent.
The Dubai Stock Exchange index closed at 3,208 points.
Oil prices, a strong driver of Gulf financial markets, tight distribution and a two-month high to ease fears of potential damage to demand from the Omicron expansion.
The Qatar Stock Exchange index was up 0.9 percent at 12,163 points, supported by a 2.5 per cent rise in Qatar National Bank, supported by credit growth after announcing a 10 per cent increase in annual net profit.
The Bahraini index is down 0.1 percent at 1,793 points. The Muscat index was up 0.8 percent at 4,258 points. The Kuwaiti index is up 0.85 percent at 7,938 points.
In Cairo, shares of Commercial International Bank rose 1.5 percent as the Egyptian stock market benchmark index rose 0.5 percent to close at 12,060 points.
Yesterday’s transactions recorded the purchases of Egyptian and Arab investment funds and companies, offset by sales of foreign investors and Egyptian and Arab individuals. The market capitalization of the shares of companies listed on the Egyptian Stock Exchange was 2 772.6 billion, with a total turnover of 5. 5.4 billion.