Gulf markets edge higher, Egypt blue-chip index rises 1.3%


Major Gulf stock markets closed higher on Tuesday, in tandem with global markets, while Egypt’s blue-chip index rose for the sixth straight session. Egypt’s index jumped 1.3%, after rising more than 4%, its biggest percentage gain in nearly two years.

“The Egyptian stock market opened on the upside as investors take into account the initiatives launched by the government to alleviate the effects of the war in Ukraine on the Egyptian economy,” said Wael Makarem, Senior Market Strategist – MENA at Exness. Egypt on Tuesday lowered its real gross domestic product growth target for its upcoming financial year, which begins in July, to 5.5%, a day after the central bank raised its key interest rates by 100 basis points.—Zawya News

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