Stock markets in the Gulf put in a mixed performance on Tuesday as investors turned cautious ahead of a key U.S. inflation reading and the Federal Reserve’s policy decision due this week.
Markets now await Wednesday’s U.S. consumer price index data for May and the Fed’s interest rate decision. The U.S. central bank is expected to hold rates steady and the focus will be on whether policymakers tweak their projections for rate cuts this year.
Most Gulf currencies are pegged to the U.S. dollar, and any monetary policy change in the United States is usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Saudi Arabia’s benchmark stock index slipped 0.7%, with Al Rajhi Bank dropping 1.1% and utility firm ACWA Power declining 2.7%.
ACWA said it planned to raise 7.125 billion riyals ($1.90 billion) through a rights issue.
National Shipping and oil major Saudi Aramco also lost 3.3% and 0.5%, respectively.
Gulf markets end mixed; Egypt snaps losing streak
Saudi crude oil exports to China will fall in July for a third straight month to about 36 million barrels, several trade sources said on Tuesday.
Dubai’s benchmark stock index bounced back from its previous session of losses and rose 0.9%, supported by gains in real estate, finance and industry sectors. Emirates NBD, the emirate’s largest lender, advanced 1.9% and Emaar Properties gained 2.1%.
The Qatari benchmark index rose 0.4%, extending its gain to a ninth session, the longest rally in nearly six months.
Qatar National Bank, the region’s largest lender, gained 1.3% and Industries Qatar added 0.4%.
The Abu Dhabi benchmark index was up for a third straight session and gained 0.1%, with Purehealth climbing 7.5% and Abu Dhabi National Energy advancing 7.1%, the sharpest intraday rise in nearly a year.
Power and water utility firm TAQA said it ended discussions for a potential cooperation agreement with Criteria Caixa as well as possibly acquiring shares in Naturgy from CVC and GIP.
Outside the Gulf, Egypt’s blue-chip index was up 0.7%, aided by a 4.3% gain in Talaat Mostafa and a 5.1% rise in E-Finance for Digital.
========================================= SAUDI ARABIA fell 0.7% to 11,775 KUWAIT was down 0.3% to 7,662 QATAR added 0.3% to 9,632 EGYPT gained 0.7% to 26,082 BAHRAIN ended flat at 2,039 OMAN was down 0.3% to 4,696 ABU DHABI gained 0.1% to 9,000 DUBAI was up 0.9% to 4,009 =========================================
Comments
Comments are closed for this article.