Qatar leads Gulf markets higher; Kuwait slips
The Qatar stock market ended higher on Sunday, boosted by gains in communications, energy and finance stocks, while Kuwait shares hit a two-month low with industry and finance sectors leading the losses.
The Qatari benchmark index was up for a second straight session and rose 1% with almost all sectors in positive territory.
Qatar Gas Transport and Ooredoo advanced 1.9% and 3.6%, respectively while Qatar National Bank, the region’s largest lender, gained 0.7%.
In Kuwait, the benchmark index slipped 1.3% and closed at 7,873, the lowest in two months with most sectors in the red, led by industry and finance.
UAE bourses close lower as regional tensions rise.
National Bank of Kuwait, the country’s largest lender, dropped 2.3% and Kuwait Finance House declined 1.5%.
Among other losers, Agility Public Warehousing and Gulf Bank slid 3% and 3.6%, respectively.
Outside the Gulf, Egypt’s blue-chip index retreated 1.2% after two consecutive session of gains with most sectors in negative territory. Talaat Mostafa decreased 6.6% and Commercial International Bank lost 1.5%.
Stock exchanges in United Arab Emirates closed lower on Friday, as tensions in the region escalated and following hawkish commentary from Federal Reserve officials.
Iran reiterated its pledge to punish Israel on Friday at a funeral for seven officers killed in a suspected Israeli airstrike on the Iranian embassy compound in Syria this week.
Undermining expectations that had boosted markets of early interest rate cuts, some Fed officials have grown more hawkish. Minneapolis Fed President Neel Kashkari said rate cuts might not be required this year if inflation continues to stall. Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Dubai’s main index retreated 0.1%, dragged down by a 1.9% decline in toll operator Salik Company and a 1.7% fall in state-run Dubai Electricity and Water Authority.
Gulf markets join global rally on Fed rate cut hopes; Qatar leads. Among the losers, ?onsumers’ co-operative Union Coop dropped by 7.1%, its steepest decline since mid-August after the company reported a nearly 20% slump in its full-year net profit to 296.9 million dirhams ($80.86m).
In Abu Dhabi, the benchmark index edged down 0.02%, pressured by a 1.9% decrease in Adnoc gas and 2.2% decline in Adnoc Distribution.
The losses in the index were capped by 5.4% jump in IHC-owned investment firm Multiply Group.
Oil prices - a major contributor to Gulf’s economies – were up 0.35% to $90.97 a barrel by 1120 GMT.
Stock exchanges in United Arab Emirates closed lower on Friday, as tensions in the region escalated and following hawkish commentary from Federal Reserve officials.
Iran reiterated its pledge to punish Israel on Friday at a funeral for seven officers killed in a suspected Israeli airstrike on the Iranian embassy compound in Syria this week.
Undermining expectations that had boosted markets of early interest rate cuts, some Fed officials have grown more hawkish. Minneapolis Fed President Neel Kashkari said rate cuts might not be required this year if inflation continues to stall. Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Dubai’s main index retreated 0.1%, dragged down by a 1.9% decline in toll operator Salik Company and a 1.7% fall in state-run Dubai Electricity and Water Authority.
Among the losers, ?onsumers’ co-operative Union Coop dropped by 7.1%, its steepest decline since mid-August after the company reported a nearly 20% slump in its full-year net profit to 296.9 million dirhams ($80.86m).
In Abu Dhabi, the benchmark index edged down 0.02%, pressured by a 1.9% decrease in Adnoc gas and 2.2% decline in Adnoc Distribution.