Mideast: STOCKS-Major Gulf markets mixed; focus on Fed minutes

Telecom Egypt SAE

21/11/2023 13:34

By Md Manzer Hussain
       Nov 21 (Reuters) - Major stock markets in the Gulf put
in a mixed performance on Tuesday amid falling oil prices and on
expectations the U.S. Federal Reserve is likely done with
interest rate hikes.
    The minutes of the Fed's November meeting are likely to
offer more clues on monetary policy after evidence of slowing
inflation boosted expectations that U.S. interest rates had
peaked. The minutes are due to be released at 1900 GMT.
    Monetary policy in the six-member Gulf Cooperation Council
(GCC) is usually guided by the decisions of the U.S. Federal
Reserve, as most regional currencies are pegged to the dollar.
    The Qatari index  .QSI  was up 0.4%, ending previous session
losses, aided by a 1.8% rise in Industries Qatar  IQCD.QA  and
3% surge in Qatar International Islamic Bank  QIIB.QA .
    Saudi Arabia's benchmark index  .TASI  gained 0.1%, with
Marafiq  2083.SE  rising 1.7% and First Milling Co  2283.SE 
climbing 3.2%.
    In Abu Dhabi, the benchmark index  .FTFADGI  dropped 0.4%,
weighed down by a 2.9% decline in Abu Dhabi Commercial Bank
 ADCB.AD  and 1.1% drop in the Abu Dhabi National Oil Company
for Distribution  ADNOCDIST.AD .
    Dubai's benchmark index  .DFMGI  fell 0.4%, snapping three
straight sessions of gains, dragged down by a 0.7% dip in
developer Emaar Properties  EMAR.DU  and 1.1% slide in Emirates
Central Cooling Systems EMPOWER.DU .
    Oil prices - a catalyst for the Gulf's financial markets -
eased with Brent  LCOc1  falling 0.5%, to $81.94 a barrel by
1300 GMT.
    Outside the Gulf, Egypt's blue-chip index  .EGX30  inched up
0.1% supported by a 4.5% surge in Telecom Egypt  ETEL.CA  and a
4.3% rise in Misr Fertilizer MFPC.CA .

 SAUDI ARABIA     .TASI  rose 0.1% to 11,129
 KUWAIT           .BKP  added 0.4% to 7,292
 QATAR            .QSI  gained 0.4% to 10,226
 EGYPT            .EGX30  was up 0.1% to 24,774
 BAHRAIN          .BAX  ended flat at 1,946
 OMAN             .MSX30  was up 0.1% to 4,621
 ABU DHABI        .FTFADGI  dropped 0.4% to 9,542
 DUBAI            .DFMGI  fell 0.4% to 3,985
 
 (Reporting by Md Manzer Hussain; Editing by Chizu Nomiyama)
 ((MdManzer.Hussain@thomsonreuters.com;))