Gulf bourses end mixed; Egypt extends decline
By Md Manzer Hussain
April 28 (Reuters) -Stock markets in the Gulf put in a mixed performance on Sunday amid rising oil prices and receding hopes of rapid interest rate cuts by the U.S. Federal Reserve after a series of inflation readings.
The oil price - a catalyst for the Gulf's financial markets- settled higher on Friday, drawing support from tensions in the Middle East.
The Qatari benchmark index .QSI was up after a two straight sessions of losses and ended 0.3% higher with all sectors in positive territory.
Qatar Islamic Bank QISB.QA and Masraf Al Rayan MARK.QA gained 0.9% and 0.7%, respectively, while Industries Qatar IQCD.QA added 0.3%.
Saudi Arabia's benchmark index .TASI was down for a fifth straight session and shed 0.2%, with almost all sectors in the red. ACWA Power 2082.SE fell 5.7% and Middle East Pharmaceutical Industries 4016.SE, slid 2.1%.
However, Arab National Bank 1080.SE advanced 1.9% after the lender reported a 15.7% rise in quarterly net profit.
U.S. monthly inflation rose moderately in March, but stubbornly higher costs for housing and utilities suggested the Federal Reserve could keep interest rates elevated for a while.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy changes are usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index .EGX30 extended its decline to a fourth straight session and lost 4.9% to 24,640, its lowest level in four months.
Talaat Mostafa Group TMGH.CA and Egypt Kuwait Holding EKHO.CA slumped 9.7% and 6.9% respectively, while Commercial International Bank COMI.CA dropped 4.8%.
Meanwhile, Egypt has committed to addressing its recourse to central bank overdraft facilities and off-budget public sector activity, practices that have contributed to pressure on the currency and the exchange rate, the IMF said on Friday.
SAUDI ARABIA | .TASI down 0.2% to 12,232 |
KUWAIT | .BKP lost 0.1% to 7,654 |
QATAR | .QSI rose 0.3% to 9,667 |
EGYPT | .EGX30 dropped 4.9% to 24,640 |
BAHRAIN | .BAX added 0.4% to 2,024 |
OMAN | .MSX30 gained 1% to 4,761 |
Reporting by Md Manzer Hussain
Editing by Ros Russell
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
