Egypt's blue-chip index posted its biggest percentage gain in nearly two years on Monday after the central bank hiked its interest rates, while other markets in the Middle East ended mixed.
The blue-chip index (.EGX30) ended 4.5% higher, after Egypt's central bank raised its key interest rates by 100 basis points in an exceptional monetary policy committee meeting.
"The Egyptian stock market rose significantly after the central bank raised interest rates in a bid to fight inflation as the war in Ukraine pushes commodity prices higher still," said Daniel Takieddine, CEO MENA BDSwiss.
Stock markets around the world dropped as fighting in Ukraine raged on with no sign of a ceasefire even as diplomatic efforts continued.
Oil prices rose, with Brent crude climbing above $111 a barrel, as European Union nations considered joining the United States in a Russian oil embargo.
The Saudi ministry said it would not bear responsibility for any shortages in oil supplies to global markets after recent attacks by Yemen's Iran-aligned Houthi group caused a temporary drop in output at a Saudi Aramco's (2222.SE) refinery joint venture in Yanbu. read more
Saudi Arabia's benchmark index (.TASI) slipped 0.3%. State-run Saudi Aramco (2222.SE) fell 0.7%, valuing it at 8.65 trillion riyals ($2.31 trillion).
Abdullah Al Othaim Markets (4001.SE) fell 2% after it began trading ex-dividend.
The Abu Dhabi index (.FTFADGI) fell for a second consecutive session, down 0.5%.
Dubai's main share index (.DFMGI) gained 0.3%, boosted by financials and communication services.
The Qatari index (.QSI) was up 0.4%.
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