Mideast: STOCKS-Gulf bourses drop; Egypt extends decline

Eastern

31/03/2024 14:41

By Md Manzer Hussain
       March 31 (Reuters) - Stock markets in the Gulf fell on
Sunday, led by the Saudi index, after the U.S. Federal Reserve
Chair Powell indicated the latest inflation data did not
undermine the central bank's baseline outlook.
    Saudi Arabia's benchmark index  .TASI  was down for a second
straight session and dropped 1.3%, with almost all sectors in
the red.
    ACWA Power  2082.SE  fell 3.5% and Saudi National
Bank 1180.SE , the kingdom's largest lender, lost 1.5%.
    Among other losers, Middle East Pharmaceutical Industries
 4016.SE  and Al Rajhi Bank  1120.SE , the world's largest
Islamic lender, slid 7.8% and 1% respectively.
    Meanwhile, the index gained 3.6% on a quarterly basis.
    The Qatari benchmark index  .QSI  dropped for a fifth
straight session and ended 1% lower with almost all sectors in
the negative territory. 
    Qatar Islamic Bank  QISB.QA  and Qatar International Islamic
Bank  QIIB.QA  slipped 3.4% and 1.5% respectively, while Qatar
Aluminum Manufacturing  QAMC.QA  dropped 4%.
     The index lost 9.1% in the first quarter of 2024 after
posting gains in the previous two quarters, according to LSEG
data.
    The latest U.S. inflation data is "along the lines of what
we would like to see," Fed Chair Jerome Powell said on Friday in
comments that appeared to keep the central bank's baseline for
interest rate cuts this year intact.
    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 losses to a fourth straight session and lost 2.5% to 26,883,
lowest levels in more than two months.  
    E-Finance  EFIH.CA  and Eastern Co  EAST.CA  slumped 6.6%
and 6.1% respectively, while Commercial International Bank
 COMI.CA  dropped 3.8%.
    The Egypt index has advanced 8% in the January-March
quarter, extending gains for seven straight quarters in a row.
         
 SAUDI ARABIA    .TASI  dropped 1.3% to 12,402
 KUWAIT          .BKP  lost 0.6% to  8,037
 QATAR           .QSI  fell 1% to 9,847
 EGYPT           .EGX30  was down 2.5% at 26,883
 BAHRAIN         .BAX  lost 0.7% to 2,043
 OMAN            .MSX30  fell 0.8% to 4,636
 
 (Reporting by Md Manzer Hussain, Editing by Louise Heavens)
 ((MdManzer.Hussain@thomsonreuters.com;))