Qatar’s stock market closed higher on Sunday, outperforming other bourses in the Gulf region, as expectations of a pause in rate hikes by the U.S. Federal Reserve lifted investor sentiment.
The Fed raised its main interest rate by a quarter point on Wednesday, but signaled it would consider a pause in light of banking system stresses.
Most Gulf central banks lifted their rates by a quarter percentage point on Wednesday, mirroring the Fed’s rate hike as their currencies are largely pegged to the dollar.
Most Gulf bourses end higher ahead of Fed decision
The Qatari Stock index climbed 1.2%, extending its rally to a third straight session. The index recorded an advance in all sectors, with the Gulf’s biggest lender Qatar National Bank rising 3.1% and Qatar Islamic Bank adding 2.7%.
Among other gainers, Ooredoo and Qatar Fuel rose 2.7% and 1.7% respectively.
Saudi Arabia’s benchmark index rose 0.1%, supported by gains in materials and communications sectors stocks.
Shares in Mobile Telecommunications shot up 9.8%, its sharpest intraday rise since October 2020, after the telecom services provider reported a more than 157% jump in full- year net profit.
Steel pipes maker Arabian Pipes soared 9.5%, its highest daily rise since Nov. 10, 2021, after it posted a full- year net profit of 8.9 million riyals, compared with a loss of 60.1 million a year earlier.
Outside the Gulf, Egypt’s blue-chip index climbed 2.3%, extending its previous session gains.
The index was lifted up by a 15.1% jump in Sidi Kerir and a 7% rise in Fawry Banking.
Among other gainers, Alexandria Mineral Oils and Eastern Co jumped 9.8% and 3.9% respectively.
Eastern, a manufacturer of tobacco products, announced on Sunday a revision in prices of its products.
SAUDI ARABIA rose 0.1% to 10,459
QATAR added 1.2% to 10,126
EGYPT surged 2.3% to 15,898
BAHRAIN lost 0.3% at 1,893
OMAN fell 0.5% to 4,844
KUWAIT lost 0.3% to 7,786