AIRLINK 165.36 Decreased By ▼ -10.19 (-5.8%)
BOP 10.39 Decreased By ▼ -0.62 (-5.63%)
CNERGY 7.83 Decreased By ▼ -0.46 (-5.55%)
FCCL 45.65 Decreased By ▼ -1.58 (-3.35%)
FFL 15.12 Decreased By ▼ -0.90 (-5.62%)
FLYNG 26.48 Decreased By ▼ -0.83 (-3.04%)
HUBC 135.28 Decreased By ▼ -7.04 (-4.95%)
HUMNL 12.85 Decreased By ▼ -0.45 (-3.38%)
KEL 4.19 Decreased By ▼ -0.25 (-5.63%)
KOSM 5.47 Decreased By ▼ -0.43 (-7.29%)
MLCF 59.43 Decreased By ▼ -2.37 (-3.83%)
OGDC 213.07 Decreased By ▼ -13.70 (-6.04%)
PACE 5.41 Decreased By ▼ -0.36 (-6.24%)
PAEL 42.01 Decreased By ▼ -2.79 (-6.23%)
PIAHCLA 17.05 Decreased By ▼ -0.83 (-4.64%)
PIBTL 9.93 Decreased By ▼ -0.54 (-5.16%)
POWER 11.79 Decreased By ▼ -0.23 (-1.91%)
PPL 174.79 Decreased By ▼ -11.13 (-5.99%)
PRL 34.36 Decreased By ▼ -2.80 (-7.53%)
PTC 22.70 Decreased By ▼ -1.35 (-5.61%)
SEARL 93.75 Decreased By ▼ -6.54 (-6.52%)
SILK 1.15 No Change ▼ 0.00 (0%)
SSGC 36.11 Decreased By ▼ -2.40 (-6.23%)
SYM 13.48 Decreased By ▼ -1.27 (-8.61%)
TELE 7.12 Decreased By ▼ -0.61 (-7.89%)
TPLP 10.21 Decreased By ▼ -0.82 (-7.43%)
TRG 60.93 Decreased By ▼ -5.07 (-7.68%)
WAVESAPP 10.28 Decreased By ▼ -0.69 (-6.29%)
WTL 1.28 Decreased By ▼ -0.07 (-5.19%)
YOUW 3.70 Decreased By ▼ -0.08 (-2.12%)
BR100 12,314 Decreased By -512.5 (-4%)
BR30 36,508 Decreased By -2353.5 (-6.06%)
KSE100 114,909 Decreased By -3882.2 (-3.27%)
KSE30 35,541 Decreased By -1237.5 (-3.36%)

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.