AGL 38.50 Increased By ▲ 0.93 (2.48%)
AIRLINK 131.80 Decreased By ▼ -0.70 (-0.53%)
BOP 5.60 Decreased By ▼ -0.04 (-0.71%)
CNERGY 3.84 Increased By ▲ 0.07 (1.86%)
DCL 8.70 Decreased By ▼ -0.17 (-1.92%)
DFML 40.80 Decreased By ▼ -0.20 (-0.49%)
DGKC 89.00 Decreased By ▼ -1.16 (-1.29%)
FCCL 35.22 Increased By ▲ 0.14 (0.4%)
FFBL 66.45 Decreased By ▼ -0.05 (-0.08%)
FFL 10.43 Increased By ▲ 0.28 (2.76%)
HUBC 109.61 Increased By ▲ 3.21 (3.02%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.83 Decreased By ▼ -0.03 (-0.62%)
KOSM 7.07 Increased By ▲ 0.22 (3.21%)
MLCF 42.60 Increased By ▲ 0.80 (1.91%)
NBP 59.00 Increased By ▲ 0.42 (0.72%)
OGDC 184.28 Increased By ▲ 3.03 (1.67%)
PAEL 25.70 No Change ▼ 0.00 (0%)
PIBTL 5.90 Increased By ▲ 0.07 (1.2%)
PPL 147.80 Decreased By ▼ -0.60 (-0.4%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.45 Increased By ▲ 1.21 (7.94%)
SEARL 69.20 Increased By ▲ 0.41 (0.6%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 36.11 Increased By ▲ 0.11 (0.31%)
TPLP 7.56 Increased By ▲ 0.16 (2.16%)
TREET 14.19 Decreased By ▼ -0.05 (-0.35%)
TRG 50.86 Increased By ▲ 0.01 (0.02%)
UNITY 26.89 Increased By ▲ 0.49 (1.86%)
WTL 1.23 Increased By ▲ 0.02 (1.65%)
BR100 9,820 Increased By 52.6 (0.54%)
BR30 29,828 Increased By 428.1 (1.46%)
KSE100 92,359 Increased By 420.5 (0.46%)
KSE30 28,828 Increased By 84.4 (0.29%)

Most stock markets in the Gulf ended lower on Wednesday over Omicron worries and as investors worldwide await the US Federal Reserve's plan to wind down asset purchases and start raising interest rates.

The Fed's decision will set the tone for the central banks of the European Union, the UK and Japan when they meet this week, and add to pressure for policy tightening in emerging markets.

Omicron coronavirus variant fears impacted risk appetite as current vaccines are deemed less effective, said Farah Mourad, senior market analyst of XTB MENA.

In Abu Dhabi, the index dropped 0.3%, pressured by a 0.3% fall in the country's largest lender First Abu Dhabi Bank .

Dubai's main share index dropped 0.7%, snapping a 10-session winning run triggered after announcements of upcoming initial public offerings.

Last month, the government announced plans for 10 state-backed companies to be listed as part of efforts to boost activity on the local bourse.

Most major stock markets rise as Omicron fears ease

The listings are aimed at making Dubai a more competitive market in the region, as bourses in Saudi Arabia and Abu Dhabi see larger listings and strong liquidity.

Sharia-compliant lender Dubai Islamic Bank and Emirates NBD Bank dropped 1.1% each.

On the other hand, National General Insurance Co added 0.6%, after it received an offer from Dubai Investments to gain full ownership of the company, in a deal that values the insurer at nearly 468 million dirhams ($127.43 million).

The Qatari benchmark declined 0.7%, dragged down by a 2.3% slide in petrochemical maker Industries Qatar.

Saudi Arabia's benchmark index advanced 1.1%, buoyed by a 1.6% rise in Al Rajhi Bank and a 2% jump in the kingdom's biggest lender Saudi National Bank.

The Saudi market, which advanced after declining for two consecutive sessions ahead of the Federal Reserve meet, continues to be supported by local economic fundamentals, said Mourad.

SAUDI ARABIA rose 1.1% to 11,143

ABU DHABI dropped 0.3% to 8,819

DUBAI lost 0.7% to 3,255

QATAR fell 0.7% to 11,642

EGYPT was flat at 11,622

BAHRAIN eased 0.2% to 1,782

OMAN lost 0.1% to 4,021

KUWAIT down 0.6% to 7,568

Comments

Comments are closed.