Gulf equities closed mixed on Wednesday, with Dubai and Abu Dhabi stock markets falling, as a raft of corporate earnings weighed, while Qatar hit over two-year high after U.S. inflation data fueled bets for a September interest rate cut.
A mild July CPI report from the U.S. suggested a limited impact of tariffs on prices, reinforcing bets for the Federal Reserve rate cut in September.
Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
The Qatari benchmark index jumped 1.9% to 11,635 and hit its highest level since December 2022, with almost all of its constituents posting gains.
Qatar National Bank, the region’s largest lender, advanced 2.9% and Qatar Islamic Bank climbed 3.8%.
“Stocks were buoyed by the positive sentiment globally as investors focused on a softer monetary policy in the U.S.,” said Milad Azar, market analyst at XTB MENA.
Saudi Arabia’s benchmark stock index eased 0.1%, dragged down by losses in real estate, consumer staples, health care and energy shares. Al Rajhi Bank shed 0.9% and Al Nahdi Medical slid 4.8%.
Gulf shares mixed on corporate earnings
Atheeb Telecom advanced 3.7%, after the telecom services provider said on Tuesday it was awarded a project by the Ministry of National Guard.
The Abu Dhabi benchmark index fell for a sixth day, ending 0.1% lower. Abu Dhabi Ports dropped 3.2%, after the port operator’s second-quarter profit declined 4% year-on-year, below market expectations.
Alpha Data slipped 2.2%, as the technology services firm posted a 4.9% drop in second-quarter net profit.
Dubai’s benchmark stock index slipped 0.4%, pressured by losses in real estate, industry, utilities and finance. Tolls operator Salik dropped 1.9% and blue-chip developer Emaar Properties lost 1.7%.
Amlak Finance closed as the worst performer on the index, dropping 3.7%, after the real estate financier posted a second-quarter net loss on Tuesday.
Outside the Gulf, Egypt’s blue-chip index was down 0.4%, pressured by a 6.2% drop in Qalaa Holdings and a 3.1% loss in Madinet Masr. Developer MASR posted an 11.9% decrease in half-year net profit on Tuesday.
---------------------------------------- SAUDI ARABIA down 0.1% to 10,763 KUWAIT up 0.7% to 9,346 QATAR rose 1.9% to 11,635 EGYPT down 0.4% to 35,856 BAHRAIN added 0.5% to 1,949 OMAN up 0.1% to 4,900 ABU DHABI down 0.1% to 10,283 DUBAI dropped 0.4% to 6,091 ----------------------------------------
Comments
Comments are closed for this article.