Most Gulf markets end higher on rising US rate-cut optimism
By Ateeq Shariff
July 17 (Reuters) -Most stock markets in the Gulf ended higher on Wednesday, as comments from U.S. Federal Reserve officials boosted expectations of a September interest rate cut.
Fed Chair Jerome Powell said recent cooling in inflation data "add somewhat to confidence" that consumer prices are coming under control.
Markets have now fully priced in a quarter-point rate cut from the U.S. central bank in September, with a total easing of 68 basis points (bps) expected by the end of the year. FEDWATCH
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index .TASI gained 0.6%, led by a 5.6% rise in aluminium products manufacturer Al Taiseer Group 4143.SE and a 2.5% increase in ACWA Power Co 2082.SE.
The kingdom's crude oil exports rose in May, after slipping in April from a nine-month high hit in March, data from the Joint Organizations Data Initiative showed on Wednesday.
Dubai's main share index .DFMGI closed 0.5% higher, with blue-chip developer Emaar Properties EMAR.DU advancing 1.4% and top lender Emirates NBD ENBD.DU up 1.2%.
In Abu Dhabi, the index .FTFADGI edged 0.1% higher.
The Qatari benchmark .QSI dropped 0.4%, weighed down by a 1.7% decline in Qatar Islamic Bank QISB.QA despite reporting a rise in first-half net profit.
Outside the Gulf, Egypt's blue-chip index .EGX30 advanced 1.8%, as most of its constituents were in positive territory, including tobacco monopoly Easter Company EAST.CA which was up 6.2%.
Egypt's total budget deficit fell to 505 billion Egyptian pounds ($10.5 billion) in fiscal 2023/24 that ended on June 30, compared with 610 billion pounds a year earlier, finance minister Ahmed Kouchouk said in a statement on Wednesday.
SAUDI ARABIA | .TASI rose 0.6% to 12,158 |
ABU DHABI | .FTFADGI up 0.1% to 9,168 |
DUBAI | .DFMGI gained 0.5% to 4,132 |
QATAR | .QSI lost 0.4% to 10,152 |
EGYPT | .EGX30 rose 1.8% to 28,340 |
BAHRAIN | .BAX was up 0.2% to 1,986 |
OMAN | .MSX30 added 0.1% to 4,693 |
KUWAIT | .BKP increased 0.1% to 7,773 |
($1 = 48.1700 Egyptian pounds)
($1 = 3.6457 Qatar riyals)
Reporting by Ateeq Shariff in Bengaluru; Editing by Krishna Chandra Eluri
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