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29-03-2024
RIYADH/ DOHA: Stock markets in the Gulf declined on Thursday, as investors awaited key inflation data due on Friday to assess the likely path of interest rates from the US Federal Reserve.
Saudi Arabia’s benchmark index (.TASI), opens new tab fell 0.3% with most sectors in the red and logged a 2.1% loss for the week.
Al Rajhi Bank (1120.SE), opens new tab, the world’s largest Islamic lender, slipped 1.4% and Saudi Research and Media Group (4210.SE), opens new tab slumped 10%, the steepest drop in more than six years after the media firm posted a 15.9% decrease in annual net profit.
However, Saudi National Bank (1180.SE), opens new tab climbed 4.9%, the sharpest rise since early January, after the kingdom’s largest lender has appointed a new chief executive in place of the acting CEO.
The Qatari benchmark index (.QSI), opens new tab was down 0.1%, weighed down by losses in energy, finance, real estate and industry sectors with Qatar Navigation (QNNC.QA), opens new tab sliding 2.3% and Qatar International Islamic Bank (QIIB.QA), opens new tab dropping 1.4%.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab slid for a fourth straight session and ended 0.1% lower, with Aldar Properties (ALDAR.AD), opens new tab sliding 1.1% and First Abu Dhabi Bank(FAB.AD), opens new tab, the UAE’s largest lender, falling 0.6%.
Dubai’s benchmark index (.DFMGI), opens new tab was little changed as Commercial Bank of Dubai (CBD.DU), opens new tab gained 4.4% and Dubai Financial Market (DFM.DU), opens new tab added 3.5%.
However, Al Ansari Financial Services (ALANSARI.DU), opens new tab slid 1.9%, the sharpest intraday fall in more than two months, while National Central Cooling (TABR.DU), opens new tab slipped 3.9% as both firms traded ex-dividend.
The crucial February reading of the Personal Consumption Expenditures (PCE) price index, the Fed’s preferred inflation gauge, is due on Friday. A hot reading for the PCE index could dent market optimism around early rate cuts.
Most Gulf currencies are pegged to the dollar and any US monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt’s blue-chip index (.EGX30), opens new tab dropped 2.4%, extending its losses to a third consecutive session, with almost all stocks in the red.
Fawry for Banking (FWRY.CA), opens new tab slipped 6.5% and Commercial International Bank (COMI.CA), opens new tab dropped 3.1%. (Int’l Monitoring Desk)
