Major stock markets in the Gulf put in a mixed performance on Tuesday as investors turned cautious ahead of the U.S. Federal Reserve’s interest rate decision and commentary.
Saudi Arabia’s benchmark index was up for a sixth straight session and ended 0.3% higher, with ACWA Power rising 1.7% and oil major Saudi Aramco gaining 1%.
Among other gainers, Leejam Sports surged 8.1%, hitting its all-time high of 243 riyal a share.
The operator of fitness centers in the Middle East and north Africa, Leejam posted a 22.9% rise in fourth-quarter net profit and raised its quarterly cash dividend by 20%.
In Abu Dhabi, the benchmark index rose 0.2%, helped by a 0.8% increase in First Abu Dhabi Bank shares, the UAE’s largest lender, and a 0.2% gain for Aldar Properties.
Dubai’s benchmark index eased 0.1%, weighed down by losses in utilities and finance, with Mashreqbank dropping 4.6% and Al Ansari Financial Services sliding 1.8%.
Major Gulf bourses up on strong oil prices; Egypt extends slide
The Qatari benchmark index retreated 0.3% after four straight sessions of gains, with almost all sectors in the red.
Industries Qatar shed 0.3%, while Qatar Islamic Bank and Doha Bank slipped 0.5% and 1.4% respectively.
The Fed is widely expected to hold rates steady in a meeting 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 fell for a third consecutive session, ending 1.4% lower and with most sectors in the red.
Commercial International Bank and Talaat Mostafa Group dropped 3.6% and 6.3% respectively, while E-Finance surged 10.6%.
The World Bank said on Monday it intends to provide more than $6 billion of support over the coming three years to Egypt, which has been struggling with a foreign currency crunch and gaping budget and balance of payments deficits.
========================================= SAUDI ARABIA rose 0.3% to 12,804 KUWAIT fell 0.5% to 8,074 QATAR was down 0.3% to 10,228 EGYPT dropped 1.4% to 28,676 BAHRAIN ended flat at 2,036 OMAN gained 1.3% to 4,831 ABU DHABI up 0.1% to 9,259 DUBAI lost 0.1% to 4,273 =========================================
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