Expectations of the Fed’s rate hike push Gulf stock exchanges to decline

On Friday, Powell confirmed that the central bank will do everything in its power to confront inflation.

The Gulf Cooperation Council usually follows the monetary policy of the US Central Bank, as most countries in the region peg their currencies to the dollar.

The Abu Dhabi market index fell for the second session in a row, to close down 0.2 percent, affected by the decline in the shares of Abu Dhabi Islamic Bank by 1.3 percent and First Abu Dhabi Bank, by 0.7 percent.

The Dubai index closed flat, amid large losses in the industrial and utilities sectors, and gains in the financial and communications sectors.

Salik, Dubai’s road toll operator, lost 1.2%, and National Central Cooling Company fell 2.1%.

Emirates NBD Bank rose 1.2 percent.

The Qatar Stock Exchange index fell 0.5 percent, snapping its series of gains in the previous two sessions, with most sectors retreating.

Qatar National Bank, the largest bank in the region, fell 0.9 percent and Commercial Bank fell 1.3 percent.

The Saudi market index fell 0.1 percent, after rising in the previous two sessions.

The index was affected by the decline in the share of Dr. Sulaiman Al Habib Medical Services Group by 2.2 percent, and the share of the giant oil company, Saudi Aramco, by 0.7 percent.

Al-Rajhi Bank fell 0.3 percent, while Banque Saudi Fransi fell 0.9 percent.

Outside the Gulf region, the EGX30 blue-chip index rose by 0.4 percent, extending its gains for the third consecutive session, with the shares of Commercial International Bank and Palm Hills rising 1.4 percent and 4.3 percent, respectively.