DUBAI: Saudi Arabia’s stock market closed higher on Sunday after the Saudi Central Bank matched the US Federal Reserve with a quarter percentage-point interest rate cut, while Qatar and Egypt slipped as traders cashed in profits from recent gains.
The Fed cut its policy rate by 25 basis points on Wednesday and indicated that more cuts would follow as it responded to signs of weakness in the US jobs market.
Saudi Arabia’s benchmark index rose 0.3 percent, consolidating three days of gains on energy-led buying.
Oil behemoth Saudi Aramco jumped 1.9 percent to a level last seen more than two months ago. Saudi Arabian Mining advanced more than 2 percent. MBC Group surged 10 percent, mirroring the previous session’s strength after its unit Istedamah Holding sold its entire stake in MBC to the Public Investment Fund (PIF), the kingdom’s sovereign wealth fund. Qatar’s benchmark index edged lower by 0.4 percent, ending a four-day winning streak with selling concentrated in energy and financial shares.
Qatar Islamic Bank declined nearly 2 percent, while Qatar Fuel slid 1 percent.
Crude - a key catalyst to Gulf economies - slipped on robust supply and weakening demand, with Brent crude futures settling at USD66.68 a barrel, down 76 cents, or 1.1 percent.
Outside the Gulf, Egypt’s blue-chip index also finished the session 0.4 percent lower, hit by a 2 percent fall in Commercial International Bank.
Orascom Construction, however, jumped 3.7 percent for a third straight session after recently debuting its primary listing on Abu Dhabi’s main index, while retaining its secondary listing on the Egyptian exchange.
Comments
Comments are closed for this article.