Markets

MidEast Shares Mostly Rise, Saudi Banks Rise On U.S. Rate Hike Speculation

Middle East stocks mostly rose, with Saudi stocks gaining on prospects of bank lending margins increasing if the U.S. Federal Reserve hikes interest rates.

The Federal Reserve Open Market Committee meeting ends on Wednesday, and the FOMC is largely expected to raise interest rates.

However, markets in the region are still expected to be capped until a clearer picture of government budgets emerges so investors can see how much low oil prices have affected spending.

Weak oil prices also continue to weigh on sentiment.

Egyptian shares rose after Saudi King Salman pledged an investment of more 30 billion riyals ($8 billion) to help the North African country meet petroleum needs for the next five years.

Saudi Arabia's main index jumped 1.4% to 6,867 points, Dubai rallied 2.3% to 2,986 points, Abu Dhabi rose 1.3% to 4,065 points, Qatar gained 0.7% to 9,862 points, Egypt advanced 1.1% to 6,489 points, Kuwait firmed 0.2% to 5,625 points, Bahrain eased 0.8% to 1,197 points and Oman dropped 0.07% to 5,362 points.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos