And it fell Oil pricesIt is a major catalyst for financial markets in Gulfafter rising six percent last week, but concerns about supplies in light of the escalating tension between Western powers and Russia and Iran, the two major oil producers, provided support for prices and limited their decline.
The Saudi index fell 0.7 percent, under pressure from a 1.4 percent drop in Al Rajhi Bank shares and a 2.5 percent drop in ACWA Power shares. Oil giant Aramco’s shares also fell 0.2 percent.
As for the Dubai index, it ended two sessions of losses and rose one percent, boosted by a 5.7 percent jump in the Salik toll road company.
Markets still expect the Fed to cut Interest rates Next month, but bets on the amount of the cut have declined in the past few weeks.
Monetary policy in the Gulf Cooperation Council countries usually follows the Federal Reserve’s decisions because most of the region’s currencies are pegged to the dollar.
The Abu Dhabi and Qatar indices closed stable.
Outside the Gulf region, the leading Egyptian index fell 0.4 percent, with Commercial International Bank shares falling 0.8 percent.
