AIRLINK 179.61 Decreased By ▼ -2.53 (-1.39%)
BOP 11.52 Decreased By ▼ -0.11 (-0.95%)
CNERGY 7.98 Decreased By ▼ -0.23 (-2.8%)
FCCL 46.62 Decreased By ▼ -0.55 (-1.17%)
FFL 16.61 Increased By ▲ 0.44 (2.72%)
FLYNG 28.58 Increased By ▲ 0.06 (0.21%)
HUBC 141.07 Decreased By ▼ -2.15 (-1.5%)
HUMNL 13.15 Decreased By ▼ -0.26 (-1.94%)
KEL 4.51 Decreased By ▼ -0.11 (-2.38%)
KOSM 6.25 Increased By ▲ 0.09 (1.46%)
MLCF 59.40 Increased By ▲ 0.15 (0.25%)
OGDC 227.35 Increased By ▲ 0.54 (0.24%)
PACE 5.96 Decreased By ▼ -0.09 (-1.49%)
PAEL 48.18 Decreased By ▼ -0.05 (-0.1%)
PIAHCLA 18.39 Decreased By ▼ -1.00 (-5.16%)
PIBTL 10.47 Decreased By ▼ -0.25 (-2.33%)
POWER 11.53 Decreased By ▼ -0.04 (-0.35%)
PPL 191.38 Decreased By ▼ -0.89 (-0.46%)
PRL 38.14 Decreased By ▼ -0.99 (-2.53%)
PTC 24.31 Increased By ▲ 0.06 (0.25%)
SEARL 99.96 Decreased By ▼ -2.00 (-1.96%)
SILK 1.15 No Change ▼ 0.00 (0%)
SSGC 38.02 Increased By ▲ 0.29 (0.77%)
SYM 15.44 Decreased By ▼ -0.19 (-1.22%)
TELE 8.01 Decreased By ▼ -0.09 (-1.11%)
TPLP 11.10 Increased By ▲ 0.14 (1.28%)
TRG 68.21 Decreased By ▼ -0.32 (-0.47%)
WAVESAPP 11.16 Increased By ▲ 0.15 (1.36%)
WTL 1.40 Decreased By ▼ -0.02 (-1.41%)
YOUW 3.93 Increased By ▲ 0.14 (3.69%)
BR100 12,596 Decreased By -35.4 (-0.28%)
BR30 39,133 Decreased By -311 (-0.79%)
KSE100 118,442 Decreased By -327.6 (-0.28%)
KSE30 36,376 Decreased By -156.5 (-0.43%)

DUBAI: Dubai’s benchmark stock index surged to its highest level in more than a decade on Thursday, while most other markets in the Gulf were muted as investors braced for fewer rate cuts by the US Federal Reserve next year.

The Dubai index rallied for a third straight session, up 0.6% at 5,112, its highest in 10 years and three months. Dubai Electricity and Water Authority rose 1.5% and Emaar Development advanced 2%.

Shuaa Capital climbed 5.4% to hit its highest in nearly four months. The investment bank’s board on Friday approved a deal with a senior creditor to restructure 208 million dirhams ($56.64 million) in debt facilities.

The Dubai index is on track to post a fourth consecutive annual gain, surging 25.9% this year, its biggest jump since 2021.

“Dubai’s solid fundamentals and diversified economic structure place it in a unique position compared to other GCC economies,” said Hani Abuagla, senior market analyst at XTB MENA.

“Prospects for further market growth are high on strong projections and new IPO activities next year.”

The Qatari benchmark index slipped for a fourth straight session, ending 0.5% lower. Qatar National Bank dropped 1.2% and Ooredoo lost 1.3%.

Saudi Arabia’s benchmark stock index was down for a third straight day, falling 0.3%. Oil giant Saudi Aramco shed 0.3% and Saudi Industrial Investment dropped 2.7% after its board proposed a capital decrease and no dividend for second half of 2024 and first half of 2025.

The Abu Dhabi benchmark index eased 0.4%, pressured by a 1% decline in conglomerate International Holding and a 0.7% drop in First Abu Dhabi Bank.

Since Fed Chair Jerome Powell primed markets for fewer rate cuts next year, traders are now pricing in just about 35 basis points worth of easing for 2025.

The Fed’s decisions have a significant impact on the Gulf region’s monetary policy, as most currencies there are pegged to the US dollar.

Outside the Gulf, Egypt’s blue-chip index fell 0.2%, weighed down by a 0.9% drop in Commercial International Bank and a 2.1% loss in El Sewedy Electric.

Comments

Comments are closed.