Mideast Stocks: Gulf bourses end mixed; Egypt rises

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

28/01/2024 13:49

By Md Manzer Hussain
       Jan 28 (Reuters) - Stock markets in the Gulf were mixed
on Sunday amid strong oil prices as investors awaited clues on
interest rate policy after the U.S. Federal Reserve's favored
inflation reading showed moderating prices.
    Oil prices - a catalyst for the Gulf's financial markets -
settled at their highest in nearly two months on Friday, helped
by higher demand expectations while Middle East supply concerns
added support.
    Saudi Arabia's benchmark index  .TASI  closed 0.8% higher,
snapping previous session of losses, with all sectors in
positive territory.
    Saudi Arabian media firm MBC Group  4072.SE  jumped 7.5% and
SAL Saudi Logistics Services Co  4263.SE  climbed 4.4%.
    Among the gainers, the world's largest Islamic lender, Al
Rajhi Bank 1120.SE  surged 3.4%, the highest rise since Dec 14.
    The Qatari index  .QSI  dipped slightly to trade flat.
Losses in energy, finance, and communication sectors offset
gains in industry and utilities.
    Commercial Bank  COMB.QA  and Qatar Gas Transport  QGTS.QA 
dropped 1.3% each while Industries Qatar  IQCD.QA  and Qatar
Electricity and Water  QEWC.QA  each added 0.6%.
    The U.S. Commerce Department data showed on Friday that U.S.
price pressures moderated in December, with markets hoping the
data will keep the Fed on track to begin rate cuts by the middle
of this year.
    Most Gulf currencies are pegged to the dollar, and any
monetary policy change in the United States is usually mimicked
by Saudi Arabia, the United Arab Emirates and Qatar.
    Outside the Gulf, Egypt's blue-chip index  .EGX30  rose for
a second straight session and ended 3.5% higher, supported by
gains in most stocks, with Commercial International Bank
 COMI.CA  surging 2.4% and Sidi Kerrie  SKPC.CA  jumping 16.9%.

 SAUDI ARABIA   .TASI  rose 0.8% to 12,264
 QATAR          .QSI  ended flat at 10,347
 EGYPT          .EGX30  up 3.5% to 28,626
 BAHRAIN        .BAX  was up 0.2% to 2,017
 OMAN           .MSX30  lost 0.3% to 4,596
 KUWAIT         .BKP  fell 0.2% to 8,050
 
 (Reporting by Md Manzer Hussain
Editing by Bernadette Baum)
 ((MdManzer.Hussain@thomsonreuters.com;))