Most stock markets in the Gulf fell in early trade on Wednesday as hopes waned for early interest rate cuts from the US Federal Reserve.
Markets will get a chance to assess minutes of the Feds’ last meeting later in the day for further clues on when the US central bank will start its easing cycle.
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. Dubai’s benchmark stock index retreated 0.8%, weighed down by losses in most sectors.
Emaar Properties declined 1.3% and Emirates NBD, Emirate’s largest lender, slipped 0.8%.
In Abu Dhabi, the benchmark stock index fell 0.3%, with First Abu Dhabi Bank, UAE’s largest lender, down 2.7% and conglomerate Alpha Dhabi Holding shedding 0.4%.
The Qatari benchmark index dipped slightly as losses in energy, finance, and real estate sectors countered gains in industry and communications.
Qatar Fuel Co slid 1.1%, while Gulf International Services added 1.5%.
Saudi index at 18-month high leads Gulf market gains
Saudi Arabia’s benchmark stock index was up 0.2%, supported by gains in finance, healthcare and consumer staples sectors.
Dr Sulaiman Al Habib Medical Services rose 1.8% and Saudi National Bank gained 1.5%.
SNB, the kingdom’s largest lender, launched an $850 million five-year Islamic bond on Tuesday.
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