Mideast Stocks: Most Gulf markets fall, Abu Dhabi ends higher

Telecom Egypt SAE

30/01/2023 14:18

By Md Manzer Hussain
       Jan 30(Reuters) - Most Gulf stock markets closed lower
on Monday,tracking global peers, as looming interest rate hikes
by major central banks including the U.S. Federal Reserve weigh
on investor sentiments, while Abu Dhabi bucked the trend.
    Investors expect the Fed will raise rates by 25 basis points
on Wednesday, and any deviation from that script would be a real
shock.
    Most Gulf currencies are pegged to the U.S. dollar, while
Saudi Arabia, the United Arab Emirates and Qatar usually mirror
U.S. monetary policy changes.
    The benchmark index  .TASI  in Saudi Arabia lost 0.3%,
ending its seven sessions of gains. The index was weighed down
by losses in financial and material sector stocks, with Al Rajhi
Bank  1120.SE  falling 0.4% and Riyad Bank dropping 1.9%.
    Among other stocks, Saudi National Bank  1180.SE  and Saudi
Basic Industries fell 2.% and 0.6% respectively.
    In Abu Dhabi, the index  .FTFADGI  ended 0.7% higher after
tumbling more than 3% to hit a six-month low.
    The index was lifted by a 4.2% gain in integrated utility
firm Abu Dhabi National Energy  TAQA.AD  and a 5.2% rise in
telecoms provider Emirates Telecommunications  EAND.AD .
    While conglomerate International Holding Company  IHC.AD 
recovered its early losses and ended flat, its subsidiaries
Alpha Dhabi Holding  ALPHADHABI.AD  and Multiply Group
 MULTIPLY.AD  recouped only partially, closing lower 2.9% and
4.2% respectively after they both plunged 10%.
    Separately, IHC said on Monday it will invest 1.4 billion
dirhams ($381.17 million) in India's Adani Enterprises'
 ADEL.NS  follow-on public offer.
    Dubai's benchmark index  .DFMGI  lost 0.8%, hurt by a
decline in industrial and heavyweight real estate sectors with
Emaar Properties  EMAR.DU  falling 2.1%, and toll operator Salik
 SALIK.DU  declining 3.1%.
    The Qatari Stock index  .QSI  fell 0.3%, with most of its
constituent stocks were in negative territory.
    The Gulf's biggest lender, Qatar National Bank  QNBK.QA ,
fell 0.5% and Masraf Al Rayan  MARK.QA  dropped 5.1% on weak
earnings.
    The lender posted a more than 22% slump in full-year net
profit.
    Outside the Gulf, Egypt's blue-chip index  .EGX30  declined
2.2%, snapping its 12-session rally. The index was dragged down
by losses in almost all its constituent stocks.
    Telecom Egypt dropped 7.1% and Talaat Mostafa  TMGH.CA  and
EFG Hermes HRHO.CA  declined 3.3% and 2.9% respectively.
 SAUDI ARABIA     .TASI  fell 0.3% to 10,811
 QATAR            .QSI  lost 0.3% to 11,123
 EGYPT            .EGX30  dropped 2.2% to 17,027
 BAHRAIN          .BAX  flat 0.04% at 1,931
 OMAN             .MSX30  lost 0.3% to 4,750
 KUWAIT           .BKP  fell 0.7% to 8,084
 ABU DHABI        .FTFADGI  rose 0.7% to 9,802
 DUBAI            .DFMGI  lost 0.8% to 3,303
 (Reporting by Md Manzer Hussain; Editing by Maju Samuel)
 ((MdManzer.Hussain@thomsonreuters.com))