Dubai – Mubasher: Stock exchanges in the GCC region and Egypt were mostly in green during Thursday’s sessions, backed by the decision of the U.S. Federal Reserve to raise interest rate, coupled with a continued decline in oil prices.
The Federal Reserve voted unanimously on Wednesday to raise interest rates by a quarter point, marking the first increase in more than nine years.
The bank raised its fed funds rate to a range of 0.25% to 0.5%, ending an unprecedented seven-year run of near-zero interest rates, Marketwatch reported. The board also raised the discount rate to 1% from 0.75%.
Saudi Tadawul opened 1.3% higher at 6,955.7 points, after SABB, Al Rajhi and Sabic jumped by 7.6%, 6.4% and 2.2% respectively.
The Egyptian Exchange also rose by 2.25% or 146.27 points at open to 6,635.30 points, after CIB, EFG-Hermes and Talaat Moustafa gained 3.2%, 2.94% and 2.6% in a row.
Dubai Financial Market pulled ahead by 1.8% as trading activity was focused on real estate stocks. Arabtec and Emaar rose by 6.4% and 2.7% respectively.
Likewise, Abu Dhabi Securities Exchange advanced by 1.4% by mid-session powered by Aldar (+4.3%) and First Gulf Bank (+3.6%).
Muscat Securities Market gained 0.13% or 7.16 points by mid-session to reach 5,369.14 points.
Meanwhile, Kuwait Stock Exchange edged lower by 0.03% by mid-trade to reach 5,622.88 points, while Qatar Stock Exchange shed 0.22% or 22 points by mid-trade to 9,840.22 points.
Bahrain Bourse closed today on celebrating the National Day and the Kingd’s Accession.
