Most stock markets in the Gulf were subdued in early trading on Thursday, as investors weighed cooling US inflation against a more hawkish posture by the Federal Reserve.
On Wednesday, data showed US consumer prices were unexpectedly flat in May, while the Fed held its rate and delayed the start of policy easing until possibly December.
Most Gulf currencies are pegged to the dollar, and any US monetary policy change is usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Dubai’s benchmark stock index was down 0.3%, pressured by a 5.2% drop in Commercial Bank of Dubai and a 2.6% fall in Taaleem Holdings.
However, the blue-chip developer Emaar Properties gained 1.2%.
The Abu Dhabi benchmark index fell 0.4%, with conglomerate International Holding Co slipping 0.7% and ADNOC Logistics dropping 1.2%.
Most Gulf shares slip as Fed meet in focus
Alef Education was up 3.4% to 1.20 dirham in early trade.
Alef, an edu-tech firm, ended 12.6% lower than its initial public offering price of 1.35 dirham per share in its market debut on Wednesday.
Saudi Arabia’s benchmark stock index slipped 0.3%, weighed down by losses in most sectors.
ACWA Power declined 3.5% and Middle East Pharmaceutical dropped 1.4%.
However, shares of the fintech firm Rasan Information Technology and aluminum products maker Al Taiseer Group Talco Industrial jumped 30% and 13.26% respectively compared to their IPO prices in market debut.
Rasan’s stock traded at 48.10 riyals, well above its IPO price of 37 riyals, while Talco’ shares were at 48.70 riyals, higher than its IPO price of 43 riyals.
The Qatari benchmark index was up 0.1%, helped by a 0.4% gain in Qatar National Bank, the region’s largest lender, and a 0.9% increase in Gulf International Services.
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