Mideast Stocks: Gulf markets end muted; Qatar extends gain

Eastern

06/06/2024 14:54

By Md Manzer Hussain
       June 6 (Reuters) - Most stock markets in the Gulf were
subdued on Thursday as investors turned cautious ahead of
crucial U.S. job data this week for further clues on the timing
of rate cuts by the Federal Reserve.
    Markets see a 70% chance of a September rate reduction, and
have priced in about two cuts this year. Forecasters polled by
Reuters also expect two cuts.
    The U.S. non-farm payroll report for May due on Friday will
provide more clues on the Fed's rate trajectory. 
    Most Gulf currencies are pegged to the dollar, and any U.S.
monetary policy change is usually followed by Saudi Arabia, the
United Arab Emirates and Qatar. 
        The Abu Dhabi benchmark index  .FTFADGI  eased 0.1%,
after previous session gains. The conglomerate International
Holding Co  IHC.AD  shed 0.3% and First Abu Dhabi Bank  FAB.AD ,
the UAE's largest lender, slipped 1.2% 
    Dubai's benchmark index  .DFMGI  fell marginally with the
blue- chip developer Emaar Properties sliding 1.3%, and Taxi
Company dropping 2.7%. Tolls operator Salik Company  SALIK.DU ,
however, gained 1.8%. 
    Saudi Arabia's benchmark stock index  .TASI  bounced back
from two consecutive sessions of losses and rose 0.1%, supported
by finance stocks. Al Rajhi Bank, the world's largest Islamic
lender, rose 1.4% and Saudi Aramco added 0.4%. 
    Saudi Arabia's sale of shares in oil giant Aramco drew more
demand than the stock on offer within hours of offer on Sunday. 
    The banks on the deal will take orders through Thursday and
will announce final price on Friday.
    Among other gainers, shares of Miahona Holding  2084.SE ,
the water and wastewater infrastructure firm, jumped 29.91% to
14.94 riyals compared to its IPO price of 11.50 riyals per share
in its market debut.
    The Qatari benchmark index  .QSI  continued its upward trend
for a sixth straight session, increasing by 0.4%, with broad
sector gains. Qatar Islamic Bank  QISB.QA  added 0.7% and Qatar
Fuel Co  QFLS.QA  rose 1.4%.
    Outside the Gulf, Egypt's blue-chip index  .EGX30  was down
for a second straight session and ended 0.8% lower, with all
sectors in the red. 
    Eastern Company EAST.CA , the Egypt's largest cigarettes
maker, slumped 22.1% and E-Finance for Digital  EFIH.CA 
declined 6.3%.

 SAUDI ARABIA     .TASI  added 0.1% to 11,560
 KUWAIT           .BKP  ended flat at 7,669
 QATAR            .QSI  added 0.4% to 9,532
 EGYPT            .EGX30  dropped 0.8% to 26,429
 BAHRAIN          .BAX  lost 0.1% to 2,036
 OMAN             .MSX30  was down 0.2% to 4,771
 ABU DHABI        .FTFADGI  eased 0.1% to 8,938
 DUBAI            .DFMGI  lost 0.04% to 3,979
 
 (Reporting by Md Manzer Hussain; editing by David Evans)
 ((MdManzer.Hussain@thomsonreuters.com;))