Asia Markets
Tadawul Shares Tick Up on Fed Day; Americana Restaurants International Ticks Up
The Tadawul All Share Index extended its rally, ending Wednesday 0.52% higher, ahead of the highly anticipated monetary policy for the US later in the day."Looking ahead to today, the main highlight will be the Federal Reserve's latest policy decision. They're widely expected to keep rates on hold, so the focus will be on their forward guidance for what they're thinking about future policy. Our US economists think the key question is whether they formally adopt two-sided language about the policy outlook in the statement, and whether Chair Powell indicates a more balanced risk assessment in the press conference. Their base case is that the Fed will wait until June for meaningful changes in guidance, but the risk is that communications skew hawkish," Deutsche Bank Research said in a note.Aside from the US Fed decision, which is only a few hours away from being announced. Market watchers are looking into the United Arab Emirates' decision to pull out of the Organisation of the Petroleum Exporting Countries and the wider OPEC+, in which Saudi Arabia is the de facto leader on Friday.Following a comprehensive review, the Middle Eastern nation's move was attributed to its national interest, as well as its need for flexibility in adapting to market trends.Back at home, Americana Restaurants International (SASE:6015), Modern Mills for Food Products (SASE:2284), and Arabian Pipes Co. (SASE:2200) released their financial statements for the three months ended March 31. The first two stocks reported higher net profit and revenue, while Arabian Pipes logged lower results for the first quarter.Americana Restaurants and Arabian Pipes closed 9.63% and 4.12% higher, respectively. Modern Mills, however, ticked down 0.89%.Meanwhile, Horizon Food Co. (SASE:9564) shares dropped 12.28% as it entered into a two-year, renewable contract to deliver food products to KSH3 Establishment.
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