Most stock markets in the Gulf ended higher on Monday, led by the Saudi bourse, after a U.S. inflation reading last week boosted hopes of interest rate cuts from the Federal Reserve Bank this year.
Saudi Arabia’s benchmark stock index extended its rally to a second consecutive day, advancing 1.6%, the highest intraday rise in five months.
Al Rajhi Bank gained 3.3% and Saudi Telecom (STC) climbed 2.1%. Reuters reported that STC was in the early stages of considering making an offer for European telecom and pay-TV operator United Group.
Among other gainers, Saudi Aramco bounced back from four straight sessions of losses to rise 1.6%.
Meanwhile, Saudi Arabia’s sale of shares in oil major Aramco drew more demand than the stock on offer within hours of kicking off on Sunday in a deal that could raise up to $13.1 billion.
The Abu Dhabi benchmark index was up for a third straight session, rising 0.6%. Conglomerate International Holding Co and its unit Alpha Dhabi Holding climbed 0.7% and 3.1%, respectively.
Saudi leads as Gulf bourses end higher; Egypt extends loss
Among other gainers, ADNOC Logistics, known as ADNOC L&S, surged 4.2% to 4.240 dirham a share, its highest level since its listing in June 2023.
Energy major ADNOC’s logistics unit, ADNOC L&S, signed a deal to acquire shipping pool operator Navig8 Topco Holdings for a total value of up to $1.49 billion.
Dubai’s benchmark index rose 0.4%, with low-cost flyer Air Arabia climbing 4.8% and Emirates NBD, the emirate’s largest lender, adding 1%.
The Qatari benchmark index edged up 0.3%, supported by a 1.5% rise in Qatar Islamic Bank and a 0.4% gain in Industries Qatar.
Data showed on Friday that U.S. inflation rose in line with market expectations in April, spurring hopes of interest rates cuts by the Fed.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt’s blue-chip index was down for a sixth straight session, slipping 0.1%, with Commercial International Bank 1.5% lower and Misr Fertilizers Production declining 3.5%.
========================================= SAUDI ARABIA rose 1.6% to 11,808 KUWAIT fell 0.8% to 7,638 QATAR added 0.3% to 9,409 EGYPT lost 0.1% to 26,834 BAHRAIN added 0.2% to 2,038 OMAN was down 0.3% to 4,821 ABU DHABI added 0.6% to 8,918 DUBAI gained 0.4% to 3,993 =========================================
Comments
Comments are closed for this article.