Most stock markets in the Gulf closed higher today, Thursday, with the rise in oil prices, but the gains were limited after a surprising interest rate hike by the Bank of Canada raised new concerns about the possibility of U.S. interest rates remaining high for an extended period. The General Authority for Statistics indicated today that "the Saudi economy grew by 3.8% year-on-year in the first quarter of 2023, generally in line with estimates released last month." The Saudi index rose by 0.2%, with Al Rajhi Bank's stock increasing by 0.4% and the Saudi French Bank's stock rising by 2%. The Saudi index increased by 3.5%, marking its first weekly gain in four weeks. The Dubai index stabilized at closing after rising for nine consecutive sessions, while the Abu Dhabi index fell by 0.3%.
Most Gulf Stock Exchanges Close Higher
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