Most stock markets in the Gulf were up in early trade on Monday on strong corporate earnings while investors keenly awaited the US Federal Reserve’s policy meeting this week for further cues on its interest rate trajectory.
Saudi Arabia’s benchmark stock index was up 1%, with all constituents in the green, led by materials, finance and industry stocks.
Al Rajhi Bank, the world’s largest Islamic lender advanced 1.8% after it reported a 6% rise in quarterly net profit.
The Qatari benchmark index advanced 0.5%, supported by gains in almost all sectors with Qatar Islamic Bank adding 0.7% and Qatar National Bank, the region’s largest lender, rising 0.7%.
Among other gainers, Qatar Gas Transport rose 1.1% after the LNG shipping firm posted an increase of 6.1% in quarterly net profit on Sunday.
Gulf bourses end mixed; Egypt extends decline
In Abu Dhabi, the benchmark stock index edged up 0.2%, helped by a 0.7% gain in conglomerate Alpha Dhabi Holding and a 3.1% surge in blue-chip developer Aldar Properties, which reported an 88% rise in quarterly net profit.
Dubai’s benchmark stock index was little changed with tolls operator Salik Company adding 1.2% while Emaar Properties shedding 0.5%.
The Fed’s two-day policy meeting begins on Tuesday. While the US central bank is expected to keep rates on hold, the focus will be on its rate outlook.
Most Gulf currencies are pegged to the dollar, and any US monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
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