Major stock markets in the Gulf put in a mixed performance on Wednesday as investors were cautious ahead of the U.S. Federal Reserve’s interest rate decision and commentary.
Dubai’s benchmark index advanced 0.4%, lifted by gains in real estate, utilities and finance with Emirates NBD, the emirate’s largest lender, rising 1.1% and Emaar Development climbing 3.2%.
In Abu Dhabi, the benchmark index was up for a third straight session and ended 0.1% higher, helped by a 2.6% rise in Abu Dhabi Islamic Bank, and a 1.4% gain in Abu Dhabi National Oil Company for Distribution.
Saudi Arabia’s benchmark index was down 0.5% after a sixth straight session of gains with almost all sectors in the negative territory.
Al Rajhi Bank, the world’s largest Islamic lender, dropped 1.1% and Saudi Arabian Mining Co slid 2.7%.
Among other losers, the kingdom’s largest lender Saudi National Bank and oil major Saudi Aramco shed 0.9% and 0.6% respectively.
Major Gulf bourses end mixed; Egypt extends slide
The Qatari benchmark index fell for a second consecutive session and ended 0.2% lower, with most sectors in the red.
Baladna slipped 4.3% and Qatar Gas Transport dropped 2.8%, while the region’s largest lender Qatar National Bank gained 0.1%.
The Fed is widely expected to hold rates unchanged in a meeting later on Wednesday, with the market’s attention on policymakers’ updated economic and interest rate projections and comments from Chair Jerome Powell.
Most Gulf currencies are pegged to the dollar, and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt’s blue-chip index retreated for a fourth straight session and ended 0.3% lower, dragged down by losses in finance, materials, industry and communication sectors.
E-Finance dropped 5.3% and El Sewedy Electric slipped 1.6%.
========================================= SAUDI ARABIA dropped 0.5% to 12,739 KUWAIT was up 0.1% to 8,081 QATAR fell 0.2% to 10,203 EGYPT lost 0.3% to 28,589 BAHRAIN gained 0.6% to 2,048 OMAN fell 0.5% to 4,809 ABU DHABI up 0.1% to 9,269 DUBAI rose 0.4% to 4,291 =========================================
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