Most stock markets in the Gulf ended lower on Sunday as investors awaited clues on the future path for interest rates from next week’s U.S. Federal Reserve meeting.
Data released on Thursday showed higher than expected U.S. producer prices in November. The bets for a cut at the Fed’s Dec. 17-18 meeting stand at close to 97%, according to CME’s FedWatch Tool. However, they indicate chances of a pause in January.
The Fed’s decisions have a significant impact on the region’s monetary policy, as most currencies there are pegged to the U.S. dollar.
Saudi Arabia’s benchmark index was down for a third straight session, falling 0.3%, with most sectors in the red.
Riyad Bank lost 2.1% while Dar Al Arkan Real Estate Development shed 0.7%. The developer’s LSE-listed international arm, Dar Global has agreed a number of deals with The Trump Organization, including plans for Trump towers in Jeddah and Dubai.
Real estate and industrial stocks lift Dubai; Abu Dhabi falls
However, Saudi Cable surged 8.5% after its Bahrain branch signed a project contract with Diyar Al Muharraq Co.
Oman’s benchmark index slipped 0.7%, with all of its constituents seeing losses. Bank Dhofar dropped 4.7% and Voltamp Energy slid 9%.
OQ Base Industries ended 3.6% lower after falling as much as 10% in early trading on its market debut. The petroleum wholesaler, OQBI, has raised $488.8 million through a 49% stake sale in initial public offering.
The Qatari benchmark index extended its rally to a fifth session, gaining 0.1%. Qatar Fuel rose 1.8% and Gulf International Services (GIS) climbed 3%.
Meanwhile, state-owned energy giant QatarEnergy, which holds significant stakes in GIS and Qatar Fuel has entered into an agreement with Harmattan Energy Limited to acquire a 27.5% interest in an offshore exploration block in Namibia.
Among other gainers, Lesha Bank was up 2.1% after the Islamic lender said it has acquired five Boeing 777-300ER aircraft worth around 1 billion riyals ($274.35 million) to lease them to an airline.
Outside the Gulf, Egypt’s blue-chip index eased 0.1%, with Talaat Moustafa Group sliding 1.8% and Eastern Company falling 0.8%.
However, Commercial International Bank added 0.6% and Palm Hills Development rose 1.4%. The real estate developer, PHD, said on Thursday it has raised its stake in Taaleem Management Services to 32.61%.
SAUDI ARABIA dropped 0.3% to 12,060
KUWAIT fell 0.3% to 7,835
QATAR added 0.1% to 10,538
EGYPT down 0.1% to 30,776
BAHRAIN was up 0.1% to 2,008
OMAN lost 0.7% to 4,515
Comments
Comments are closed for this article.