Experts say rupee will remain under pressure until there is political stability
Markets6 days ago
Markets in the Middle East ended lower on Monday, with Saudi’s main index trading lower for the fourth straight session amid weak oil prices.
Oil prices fell by around $5 a barrel on Monday as investors pinned hopes on diplomatic efforts by Ukraine and Russia to end their conflict, while a surge in Covid-19 cases in China spooked the markets.
Energy-heavy Saudi Arabia’s benchmark share index fell 0.9 per cent, with oil giant Saudi Aramco down 1.6 per cent.
In Abu Dhabi, the index lost one per cent, hit by a 1.9 per cent decline in the UAE's largest lender First Abu Dhabi Bank.
Dubai’s main share index fell 1.4 per cent, hardest-hit in the region, pressured by financials. Amlak Finance dropped nearly 10 per cent, while Emirates NBD Bank slipped 3.7 per cent.
“While the fundamentals remain potent, the (Middle East) region’s markets could see additional price corrections as investors move to secure their gains due to the uncertainties around the development of the global economy,” said Wael Makarem, senior market strategist at Exness.
“Investors’ attention is shifting towards this week’s Federal Reserve meeting which could alter markets’ direction and forecasts,” Makarem added.
The US Federal Reserve is widely expected to raise interest rates by a quarter of a percentage point at a two-day event later this week.
The Qatari benchmark inched 0.1 per cent lower.
Outside the Gulf, Egypt’s blue-chip index ended nearly 0.6 per cent lower, with top lender Commercial International Bank Egypt losing 0.7 per cent.
“The Egyptian stock market continued to record price corrections as risk aversion grows among investors,” says Makarem, adding that the country could feel a hit, if commodities remain high due the ongoing conflict in Europe. — Reuters
Experts say rupee will remain under pressure until there is political stability
Markets6 days ago
Forex dealers say the greenback is being sold above Rs189 in the open market
Markets6 days ago
Surging oil prices have also weighed heavy on the rupee with a surprise rate hike by the Reserve Bank of India last week doing little to stem capital outflows
Markets1 week ago
The rupee has weakened sharply over the last few months due to a sharp rise in crude oil
Markets1 week ago
Century Financial will now offer services for t
Markets1 week ago
The IPO, expected to raise up to $2.74 billion, is India’s largest ever. Its partial listing is part of plans by Prime Minister Narendra Modi to privatise some industries and boost state coffers
Markets1 week ago
The selling pressure intensified after the RBI Governor Shaktikanta Das announced that the Monetary Policy Committee has unanimously decided to hike the policy rate by 0.40 per cent with immediate effect
Markets1 week ago
Markets remain skittish regarding an expected aggressive Fed monetary policy
Markets2 weeks ago