Mideast Stocks: Most Gulf markets muted ahead of Fed rate decision; Qatar extends gains

Commercial International Bank Egypt CIB

15/12/2024 13:31

By Md Manzer Hussain
       Dec 15 (Reuters) - Most stock markets in the Gulf ended
lower on Sunday as investors awaited clues on the future path
for interest rates from next week's U.S. Federal Reserve
meeting.
    Data released on Thursday showed higher than expected U.S.
producer prices in November. The bets for a cut at the Fed's
Dec. 17-18 meeting stand at close to 97%, according to CME's
FedWatch Tool. However, they indicate chances of a pause in
January.
    The Fed's decisions have a significant impact on the
region's monetary policy, as most currencies there are pegged to
the U.S. dollar.
    Saudi Arabia's benchmark index  .TASI  was down for a third
straight session, falling 0.3%, with most sectors in the red. 
    Riyad Bank  1010.SE  lost 2.1% while Dar Al Arkan Real
Estate Development  4300.SE  shed 0.7%. The developer's
LSE-listed international arm, Dar Global has agreed a number of
deals with The Trump Organization, including plans for Trump
towers in Jeddah and Dubai.
    However, Saudi Cable  2110.SE  surged 8.5% after its Bahrain
branch signed a project contract with Diyar Al Muharraq Co.
    Oman's benchmark index  .MSX30  slipped 0.7%, with all of
its constituents seeing losses. Bank Dhofar  BKDB.OM  dropped
4.7% and Voltamp Energy  VOES.OM  slid 9%.
    OQ Base Industries  OQBI.OM  ended 3.6% lower after falling
as much as 10% in early trading on its market debut. The
petroleum wholesaler, OQBI, has raised $488.8 million through a
49% stake sale in initial public offering.
    The Qatari benchmark index  .QSI  extended its rally to a
fifth session, gaining 0.1%. Qatar Fuel  QFLS.QA  rose 1.8% and
Gulf International Services  GISS.QA  (GIS) climbed 3%.
    Meanwhile, state-owned energy giant QatarEnergy, which holds
significant stakes in GIS and Qatar Fuel has entered into an
agreement with Harmattan Energy Limited to acquire a 27.5%
interest in an offshore exploration block in Namibia.
    Among other gainers, Lesha Bank  QFBQ.QA  was up 2.1% after
the Islamic lender said it has acquired five Boeing 777-300ER
aircraft worth around 1 billion riyals ($274.35 million) to
lease them to an airline.
    Outside the Gulf, Egypt's blue-chip index  .EGX30  eased
0.1%, with Talaat Moustafa Group  TMGH.CA  sliding 1.8% and
Eastern Company  EAST.CA  falling 0.8%. 
    However, Commercial International Bank  COMI.CA  added 0.6%
and Palm Hills Development  PHDC.CA  rose 1.4%. The real estate
developer, PHD, said on Thursday it has raised its stake in
Taaleem Management Services  TALM.CA  to 32.61%.
    
 SAUDI ARABIA    .TASI  dropped 0.3% to 12,060
 KUWAIT          .BKP  fell 0.3% to 7,835
 QATAR           .QSI  added 0.1% to 10,538
 EGYPT           .EGX30  down 0.1% to 30,776
 BAHRAIN         .BAX  was up 0.1% to 2,008
 OMAN            .MSX30  lost 0.7% to 4,515
 


($1 = 3.6450 Qatar riyals)

 (Reporting by Md Manzer Hussain, Editing by Louise Heavens)
 ((mdmanzer.hussain@thomsonreuters.com; +91 8067498453;))