Stock markets in the Gulf put in a mixed performance while the Qatari index hit a six-month low on Thursday after the U.S. Federal Reserve downplayed risks of an interest rate hike.
Saudi Arabia’s benchmark stock index rose 0.1%, supported by gains in most sectors, led by IT, utilities and real estate stocks.
Acwa Power gained 1.7% and Middle East Pharmaceutical added 1.8% while Saudi Basic Industries known as SABIC fell 1.6%.
The petrochemical group SABIC reported a 62% drop in first-quarter net profit on Wednesday.
Dubai’s benchmark index bounced back after two straight sessions of losses and ended 0.2% higher, helped by gains in consumer staples, real estate, finance and industry sectors. Emaar Properties rose 2.5% and Dubai Islamic Bank added 1.1%.
Gulf markets drop on lower oil prices; Egypt gains
In Abu Dhabi, the benchmark index eased 0.1%, pressured by a 1% drop in First Abu Dhabi Bank, the UAE’s largest lender and a 0.3% dip in conglomerate Alpha Dhabi Holding.
Agility Global, owned by Kuwaiti logistic firm Agility, closed at 1.58 dirham a share, surging more than 300% from its trading reference price of 0.37 dirham on its debut.
The Qatari benchmark index slipped 1% to 9,611, its lowest for six months with almost all stocks in the red.
Qatar Islamic Bank dropped 1.6% and network provider Ooredoo Qatar slid 2.4%.
The U.S. central bank late on Wednesday kept interest rates unchanged as expected and flagged hopes of no rate hikes in the near term.
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.
Outside the Gulf, Egypt’s blue-chip index was up for a second straight session and advanced 3.3% with almost all stocks gaining.
Talaat Mostafa rose 7.2% and E-Finance for Digital surged 10.3%.
======================================= SAUDI ARABIA rose 0.1% to 12,352 KUWAIT down 0.1% to 7,651 QATAR fell 1% to 9,611 EGYPT up 3.3% to 26,114 BAHRAIN ended flat at 2,029 OMAN was up 0.1% to 4,773 ABU DHABI lost 0.1% to 9,024 DUBAI gained 0.2% to 4,141 =======================================
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