AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

Saudi and Qatar stock markets fell on Thursday as expectations of higher interest rates in the United States dampened investor sentiment, while the Egyptian index outperformed the region on government plans to sell stakes in 32 firms over the next year.

Federal Reserve officials on Wednesday said interest rates are set to go higher as the U.S. central bank presses forward with its efforts to cool inflation.

Saudi Arabia’s benchmark stock index fell 0.9%, dragged down by losses in the materials and banking sectors.

The world’s largest Islamic lender, Al Rajhi Bank dropped 1.8%, while Dr Sulaiman Al-Habib Medical Services fell 1.2%.

The Qatari stock market settled 0.7% lower around a two-year low, extending losses as natural gas prices fell.

The Gulf’s largest lender Qatar National Bank dropped 2.8%, while Fuel retailer Qatar Fuel was down 2.1%.

Egypt’s blue-chip index surged 3.9% to hit a more than 4-year high after the government announced plans to sell stakes in 32 companies by the end of the first quarter of 2024.

Most Gulf markets gain as interest rate fears ease

Ahmed Negm, Head of Market Research MENA at XS.com, said the sales could help attract large numbers of foreign investors and help keep the main index at elevated levels.

Gains in utilities and banking sector stocks lifted Dubai’s main index by 0.8%.

State-run utility firm Dubai Electricity and Water Authority jumped 2.1% after reporting a 22% rise in full year net profit to 8 billion dirhams ($2.18 billion), beating market estimates of 7.44 billion dirhams.

Abu Dhabi’s benchmark index edged up 0.1% as it recovered from early losses helped by a 1.5% rise in Conglomerate Alpha Dhabi Holding

UAE’s largest lender First Abu Dhabi Bank reversed course to end 0.1% higher following media reports that the lender could renew a potential offer for Britain’s Standard Chartered, once lock-up rules from its previous aborted bid expire.

========================================
 SAUDI ARABIA    fell 0.9% to 10,412
 ABU DHABI       edged up 0.1% to 9,935
 DUBAI           leapt 0.8% at 3,446
 QATAR           lost 0.7% to 10,424
 EGYPT           0.2% to 17,614
 BAHRAIN         edged 0.1% to 1,937
 OMAN            gained 0.1% at 4,769
 KUWAIT          dropped 0.4% to 8,201
========================================

Comments

Comments are closed.