Saudi Arabia's stock market closed higher on Sunday to outperform the Gulf region, amid expectations of a lower interest rate hike by the U.S. Federal Reserve in the aftermath of the collapse of two big regional banks.
in a 25 bps increase by the U.S. Federal Reserve when it meets next week, down from previous expectations for a 50 bps increase.
Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.ended its five sessions losing streak, jumping 1.8%, the highest intraday rise since Dec 13. The index was lifted by gains in all sectors, led by banking and materials with the world's largest Islamic bank by assets, Al Rajhi Bank
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