Most Gulf bourses end higher; Egypt extends loss

Reuters

Most Gulf bourses end higher; Egypt extends loss

Nov 19, 2024 at 1:36 pm GMT

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By Md Manzer Hussain

Nov 19 (Reuters) -Stock markets in the Gulf ended higher on Tuesday as investors brushed aside worries about the U.S Federal Reserve interest rate trajectory and volatile oil prices, although the Qatar index fell with a tepid performance across most sectors.

Dubai's benchmark stock index .DFMGI gained 0.4% after a loss the previous session, with most sectors in the green.

Dubai Islamic Bank DISB.DU gained 2.1% and Emaar Properties EMAR.DU climbed 3%. Blue-chip developer Emaar and Dubai World Trade Centre have established a joint venture to develop Expo Living, a new urban community spanning 451,295 square metres in Dubai.

The Abu Dhabi benchmark index .FTFADGI also rose 0.4% with conglomerate International Holding IHC.AD adding 1% and Phoenix Group PHX.AD gaining 1.5%.

Crypto mining and blockchain firm Phoenix said its founders were planning to purchase its shares on the open market.

Saudi Arabia's benchmark stock index .TASI was up for a third consecutive session ending 0.4% higher with Al Rajhi Bank 1120.SE, the world's largest Islamic lender, rising 2% and Saudi Electricity Co 5110.SE (SEC) gaining 1.6%.

SEC, the kingdom's electric transmission monopoly, and a consortium of ACWA Power and Korea Electric Power Corp signed power purchase agreements worth 15 billion riyals ($4 billion) with the Saudi Power Procurement Company.

"GCC markets demonstrated remarkable resilience despite negative performances in oil markets and geopolitical tensions," said Joseph Dahrieh, managing principal at Tickmill.

"Although these challenges have triggered some market volatility."

The Qatari benchmark index .QSI dropped 0.3%, weighed down by losses in almost all sectors with Qatar National Bank QNBK.QA, the region's largest lender, falling 0.4% and Ooredoo ORDS.QA losing 1.8%.

However, Al Mahhar Holding MHAR.QA gained 1.1% after its shareholders approved its transfer to the main market.

Outside the Gulf, Egypt's blue-chip index .EGX30 fell for a third session, ending 0.6% lower. Commercial International Bank COMI.CA shed 0.8% and EFG Holding HRHO.CA slid 2.5%.

Meanwhile, EFG unit EFG Hermes said its private equity arm has launched a $300 million Saudi Education Fund in Saudi Arabia.

SAUDI ARABIA	.TASI up 0.4% to 11,876
KUWAIT	.BKP rose 0.3% to 7,875
QATAR	.QSI was down 0.3% to 10,425
EGYPT	.EGX30 lost 0.6% to 30,688
BAHRAIN	.BAX up 0.2% to 2,050
OMAN	.MSX30 lost 0.2% to 4,609
ABU DHABI	.FTFADGI up 0.4% to 9,426
DUBAI	.DFMGI gained 0.4% to 4,732