Written by Atiq Sharif
(Reuters) – Most Gulf stock markets were weak on Sunday amid geopolitical tensions and uncertainty over U.S. Federal Reserve policy.
Iran launched more than 300 missiles on April 13 in its first direct attack on Israel, saying it was in retaliation for what it said was a deadly attack on Israel’s embassy compound in Damascus on April 1. and concentrated fire on the drone.
Iran’s Supreme Leader Ali Khamenei expressed his gratitude for his army’s attack on Israel, adding that no matter how many targets were hit, Iran’s supreme leader Ali Khamenei said that no matter how many targets were hit, He said he showed his strength.
Chicago Fed President Austan Goolsby said Friday that progress in curbing inflation this year has been “stagnant,” becoming the latest U.S. central bank president to back away from earlier focus on the need for future rate cuts. .
In individual markets in the Middle East, Saudi Arabia’s benchmark index rose 0.1%, supported by a 2.6% rise in ACWA Power.
The International Monetary Fund said on Thursday that the Middle East economy will grow stronger this year than previously expected, as war in Gaza, attacks on Red Sea shipping and declining oil production compound existing challenges of high debt and borrowing costs. announced that it would grow at a slow pace.
In its October regional outlook, the IMF revised down its 2024 growth forecast for the Middle East and North Africa (MENA) region from 3.4% to 2.7%.
Qatari benchmark stocks fell 0.4%, led by a 1.6% decline in petrochemical maker Industries Qatar and a 1% decline in Qatar Islamic Bank.
Outside the Gulf, Egypt’s blue-chip index rose 1%, led by a 1.4% rise in top lender Commercial International Bank, after falling more than 4% in the previous session.
Meanwhile, Egypt’s central bank’s net foreign assets (NFA) deficit in March fell to its lowest level in more than two years, apparently helped by huge sales of real estate development rights and currency reform, data published on the CBE website said. showed. .
Saudi Arabia increased by 0.1% to 12,518 people
Qatar: 9,792 people, down 0.4%
Egypt increased by 1% to 28,623 people
Bahrain fell 0.2% to 2,017
Oman: 4,704 people, down 0.3%
Kuwait increased by 0.9% to 7,643 people
