Mideast Stocks: Qatar leads Gulf bourses higher on hopes of Fed rate pause

Eastern

26/03/2023 14:24

By Md Manzer Hussain
       March 26 (Reuters) - Qatar's stock market closed higher
on Sunday, outperforming other bourses in the Gulf region, as
expectations of a pause in rate hikes by the U.S. Federal
Reserve lifted investor sentiment.
    The Fed raised its main interest rate by a quarter point on
Wednesday, but signaled it would consider a pause in light of
banking system stresses.
    Most Gulf central banks lifted their rates by a quarter
percentage point on Wednesday, mirroring the Fed's rate hike as
their currencies are largely pegged to the dollar.
    The Qatari Stock index  .QSI  climbed 1.2%, extending its
rally to a third straight session. The index recorded an advance
in all sectors, with the Gulf's biggest lender Qatar National
Bank  QNBK.QA  rising 3.1% and Qatar Islamic Bank  QISB.QA 
adding 2.7%.
    Among other gainers, Ooredoo  ORDS.QA  and Qatar Fuel
 QFLS.QA  rose 2.7% and 1.7% respectively.
    Saudi Arabia's benchmark index  .TASI  rose 0.1%, supported
by gains in materials and communications sectors stocks. 
    Shares in Mobile Telecommunications  7030.SE  shot up 9.8%,
its sharpest intraday rise since October 2020, after the telecom
services provider reported a more than 157% jump in full- year
net profit.
    Steel pipes maker Arabian Pipes  2200.SE  soared 9.5%, its
highest daily rise since Nov. 10, 2021, after it posted a full-
year net profit of 8.9 million riyals, compared with a loss of
60.1 million a year earlier. 
    Outside the Gulf, Egypt's blue-chip index  .EGX30  climbed
2.3%, extending its previous session gains. 
    The index was lifted up by a 15.1% jump in Sidi Kerir
 SKPC.CA  and a 7% rise in Fawry Banking  FWRY.CA .
    Among other gainers, Alexandria Mineral Oils  AMOC.CA  and
Eastern Co  EAST.CA  jumped 9.8% and 3.9% respectively.
    Eastern, a manufacturer of tobacco products, announced on
Sunday a revision in prices of its products.
 SAUDI ARABIA   .TASI  rose 0.1% to 10,459
 QATAR          .QSI  added 1.2% to 10,126
 EGYPT          .EGX30  surged 2.3% to 15,898
 BAHRAIN        .BAX  lost 0.3% at 1,893
 OMAN           .MSX30  fell 0.5% to 4,844
 KUWAIT         .BKP  lost 0.3% to 7,786
 
 (Reporting by Md Manzer Hussain; Editing by David Holmes)
 ((MdManzer.Hussain@thomsonreuters.com))