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Most Gulf stock markets ended higher ahead of Powell’s testimony via Reuters



Most Gulf stock markets ended higher ahead of Powell’s testimony via Reuters
© Reuters. Saudi traders follow the movement of stock trading at the Saudi Stock Exchange in Riyadh, in a photo from the Reuters archive.

From Muhammad Mundar Hussain

(Reuters) – Most stocks in the Gulf region ended higher on Wednesday as investors eased fears of signs of tightening monetary policy from Federal Reserve Chairman Jerome Powell’s congressional testimony.

Powell is scheduled to testify on monetary policy on Wednesday and Thursday. Markets expect a range of 5.25% to 5.5% interest rate hikes by around 78% next month, and this could be the end of the monetary crisis cycle in the US.

Most Gulf countries peg their currencies to the US dollar, and the United Arab Emirates and Qatar generally follow the United States’ example in their monetary policy.

Dr. Shares in Sulaiman Al-Habib Medical Services Group rose 1.3 percent and Cooperative Insurance Services rose 3.9 percent, while the main Saudi market index rose 0.3 percent.

Shares of flexible Murabaha Finance rose 2.3 percent in its first trading session, and rose 20.5 percent on the day.

First Abu Dhabi Bank, the United Arab Emirates’ largest bank, rose 2.1 percent and rose 0.3 percent, continuing its fourth straight session of gains.

Abu Dhabi Shipbuilding Company rose 1.2 percent and Abu Dhabi National Energy (Dhaka) rose 0.9 percent.

On Wednesday, Taqa said it would buy SWS Holding for 1.7 billion dirhams (462.91 million).

It snapped a two-day losing streak to close 0.2 percent higher. The index gained support as shares of Emaar Properties ( DFM: ) rose 1.2 percent and Air Arabia rose 2.1 percent.

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Emirates NBD, Dubai’s biggest bank, added 0.7 percent.

In Qatar, the index fell 0.2 percent, falling for the second session in a row. Qatar National Bank, the region’s biggest bank, shed 0.6 percent and Qatar Islamic Bank shed 1 percent.

Georges Powell, general manager of, said Qatar’s stock market is still under pressure and could test its lows for the month.

“The developments in the market have not given much support to the Qatari market,” he added.

Outside the Gulf region, the blue-chip index fell for a third session in a row, falling 1.2 percent, while all listed sectors fell.

Shares of Commercial International Bank ( EGX ) and Abu Qir Fertilizers and Chemicals Industries fell 0.7 percent and 2.8 percent, respectively, while Eastern Tobacco Company ( EGX: ) fell 1.8 percent.

Egypt’s central bank is expected to keep interest rates unchanged overnight on Thursday, according to a Reuters poll on Monday.

(Prepared by Mahmoud Abdel-Kawad for Arab Bulletin)

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Passwords | Al Khaleej newspaper



Passwords |  Al Khaleej newspaper

“GT Georgia Tech”

With the growing number of online accounts and the rise of cyber threats, password security has become an important concern for individuals and organizations. However, a recent study revealed that outdated password practices are still in place, putting millions of people at risk.

A study conducted by a group of cybersecurity experts from around the world analyzed data on 10 million leaked passwords, and the alarming results showed that many people continue to use weak passwords that are easy to guess.

One of the most disturbing findings was the prevalence of common passwords like “123456” and “password”. It is easy for hackers to gain unauthorized access to personal accounts.

Another worrying trend found in the study is the reuse of passwords across multiple accounts. Many people have been found to use the same password for their email, social media and online banking accounts. This practice poses a significant risk because a single account leads to Hacked into Domino Effect, allowing hackers to access multiple accounts.

The study also highlights the importance of regularly updating passwords. A large number of individuals do not change their passwords for years, leaving their accounts vulnerable to attack.

Experts recommend changing passwords at least every three months and using a combination of letters, numbers and special characters to improve security.

The results of this study underscore the urgent need for individuals and organizations to adopt strong password practices.

Educating users about the importance of using unique and complex passwords and updating them regularly is essential to reduce the risks of cyber attacks.

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Gold prices broke the barrier of $2070 per ounce at the end of last week’s trade



Gold prices broke the barrier of $2070 per ounce at the end of last week’s trade

After weaker-than-expected U.S. economic data and rising military tensions in the Middle East, gold prices rose to record highs at the end of last week’s trade, hitting a barrier of $2,070 an ounce. Adel Al-Fathli, head of strategic planning at Kuwait Dar Al-Sabah Company, said in a statement to Kuwait News Agency (KUNA) on Sunday that the yellow metal managed to post a profit for the third week in a row. Along with weak US economic data. Al-Fathly said factory activity in the US has seen a continuous contraction for more than two months, along with a slowdown in personal consumption spending and a sub-level decline in the inflation rate in the US market. Gold futures (for delivery next February) rose 1.6 percent to $2,089 an ounce, while the dollar index, which measures the U.S. currency against major currencies, fell 0.35 percent to 103.1 points. Analysts’ pessimistic expectations for growth in US spending and output next year sent investors back to the safe haven (gold), especially as the Federal Reserve (Federal Bank) has aggressive plans to cut interest rates. 25 basis points during the Bank’s regular meeting scheduled for March 2024. He expected gold prices to see a “significant rise” if expectations that the US Federal Reserve cut interest rates by 135 basis points by the end of next year hold true. This will certainly lead to an increase in precious metals in the long run. Al-Fathly said that important reports will be released this week, the first of which is the US labor jobs report, followed by the purchasing managers’ index for services, monetary policy announcements in Australia and Canada, and data on inflation rates in China and South Korea, “all of which are indicators that will determine gold’s trends this week.” .” He said he believed developments in the Middle East region this week would be “stronger” as analysts monitor field developments due to the heavy impact on precious metals prices by military operations and shutdown threats. Some commercial waterways.” As for the local market, the price of a 24-carat gram rose to 20.375 dinars (about $62.2), 22 carat to 18.68 dinars (about $57), silver finished at 297 dinars (about $905), he said. ) per kilogram. ounce. It is worth noting that is one of the units of mass measurement, it is used in various measurement units, it is also called ounce and is equal to 28.349 grams, while the unit of measurement for precious metals is equal to 31.103 grams.

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The world’s central banks are increasing their reserves… Details in 10 facts



The world’s central banks are increasing their reserves… Details in 10 facts

Books – Islam Saeed

Sunday, December 3, 2023 at 03:00 AM

Central banks around the world continue to demand… Gold In 2023, gold trends for the third quarter of the current year 2023 as per the reports of the World Gold Council show that the demand for gold by banks has increased.

Central banks added 337 tonnes in the third quarter of 2023

The third largest buying level in the quarter reached by central banks

In the third quarter of 2022, banks bought a large amount of 459 tonnes of gold..

Since the beginning of 2023, demand by central banks has increased by more than 14%.

Total bank purchases of gold since the beginning of 2023 have reached a record high of 800 tonnes of gold.

Gold reserves reported by global central banks rose by a net 77 tonnes in September.

Central bank’s gold sale is only 1 ton.

– Fund outflows from gold investment funds continued in October, $2 billion

Since the beginning of the year, the funds’ investments have fallen 6%.

– Total cash outflows from gold-backed global investment funds have hit $13 billion since the start of the year

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