Mideast: STOCKS-Gulf bourses drop ahead of US inflation data

The Commercial Bank (P.S.Q.C.)

26/03/2024 13:20

By Md Manzer Hussain
       March 26 (Reuters) - Stock markets in the Gulf declined
on Tuesday, led by the Dubai index, as investors assessed the
likely path of interest rates from the U.S. Federal Reserve
ahead of key inflation data due later in the week.
    Dubai's benchmark index  .DFMGI  was down 0.8%, after
gaining for three straight sessions, with most of its
constituents posting losses.
    Blue-chip developer Emaar Properties  EMAR.DU  dropped 1.6%
and Dubai Islamic Bank  DISB.DU  slid 1.2%, while Emirates NBD
 ENBD.DU , the emirate's largest lender, lost 0.9%.
    The Qatari benchmark index  .QSI  ended 0.7% lower, down for
the second consecutive session, with all sectors in the red.
    Qatar Gas Transport  QGTS.QA  and Qatar's Commercial Bank
 COMB.QA  slid 1.5% each, while Masraf Al Rayan  MARK.QA  fell
5.3%.
    But Qatar National Bank  QNBK.QA , the region's largest
lender, gained 0.6%.
    Saudi Arabia's benchmark index  .TASI  slipped 0.6%,
extending its losses to a third straight session.
    Al Rajhi Bank  1120.SE , the world's largest Islamic lender,
and Saudi National Bank  1180.SE , the kingdom' largest lender,
dropped 0.7% and 1.1%, respectively.
    Middle East Pharmaceutical Industries  4016.SE  and Saudi
Arabian Mining  1211.SE , down 3.8% and 1.2%, respectively, were
among other losers.
    The healthcare services provider Mouwasat Medical Services
 4002.SE , however, gained 8.2%, the sharpest intraday rise in a
year.
    In Abu Dhabi, the benchmark index  .FTFADGI  was little
changed, with Aldar Properties  ALDAR.AD  slipping 1% and
conglomerate Alpha Dhabi  ALPHADHABI.AD  down 0.3%, while Abu
Dhabi Islamic Bank  ADIB.AD  gained 1.1%.
    The crucial February reading of the Personal Consumption
Expenditures (PCE) price index, the Fed's preferred inflation
gauge, is due on Friday. A hot reading for the PCE index could
dent market optimism around early rate cuts.
    Most Gulf currencies are pegged to the dollar, and any U.S.
monetary policy change is usually mimicked by Saudi Arabia, the
United Arab Emirates and Qatar.
    Outside the Gulf, Egypt's blue-chip index  .EGX30  snapped
its three-session winning streak and ended 1% lower, with all
sectors in the negative territory.
    Commercial International Bank  COMI.CA  slipped 1.3% and El
Sewedy Electric  SWDY.CA  lost 4%.

 SAUDI ARABIA     .TASI  fell 0.6% to 12,586
 KUWAIT           .BKP  ended flat at 8,095
 QATAR            .QSI  dropped 0.7% to 10,026
 EGYPT            .EGX30  fell 1.0% to 29,058
 BAHRAIN          .BAX  ended flat at 2,076
 OMAN             .MSX30  lost 0.6% to 4,755
 ABU DHABI        .FTFADGI  ended flat at 9,318
 DUBAI            .DFMGI  was down 0.8% to 4,246
 
 (Reporting by Md Manzer Hussain; Editing by Shilpi Majumdar)
 ((MdManzer.Hussain@thomsonreuters.com;))