Mideast Stocks: Gulf bourses mixed as Saudi stocks fall, Dubai gains

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

20/02/2023 14:24

By Md Manzer Hussain
       Feb 20 (Reuters) - Saudi Arabia's stock market was the
worst performer among Gulf bourses that were mixed on Monday
amid worries of rate hikes by the U.S. Federal Reserve.
    Two Fed policymakers on Friday signaled that interest rates
would need to go higher after a flurry of U.S. data suggested
the world's largest economy is holding up far better than
expected.
    Most Gulf Cooperation Council countries, including Qatar,
Saudi Arabia and the United Arab Emirates have their currencies
pegged to the U.S. dollar and follow the Fed's policy moves
closely.
    The benchmark index  .TASI  in Saudi Arabia dropped 1.2%,
dragged down by losses in most sectors.
    Shares of the world's largest Islamic bank by assets, Al
Rajhi Bank  1120.SE , fell 1.3% and Riyad Bank  1010.SE  was
down 2.1%.
    However, shares of Etihad Etisalat Co  7020.SE  jumped 5.7%,
its best intraday gain since June, after the telecom operator
reported a 54.6% increase in full-year net profit.
    Dubai's benchmark index  .DFMGI  inched up 0.1%, lifted by
gains in banking, real estate and industry sectors.
    Lender Emirates NBD  ENBD.DU  rose 1.5% and shares of
toll-road operator Salik Co  SALIK.DU  increased 0.7%.
    In Abu Dhabi, the index  .FTFADGI  fell marginally, dragged
down by a 1.6% loss in Abu Dhabi National Oil Company for
Distribution  ADNOCDIST.AD  and a 1.3% decline in Aldar
Properties  ALDAR.AD .
    The Qatari stock index  .QSI  ended flat.
    Among gainers, Baladna  BLDN.QA , the country's largest
dairy and beverage company, rose 2.7% after it signed a
manufacturing agreement with cheese and snack giant The Bel
Group.
    Outside the Gulf, Egypt's blue-chip index  .EGX30  declined
3%, extending losses for the third session, with almost all its
constituent stocks in the red.
    Commercial International Bank  COMI.CA  and electronic
payments company Fawry  FWRY.CA  dropped 3.6% and 4.8%,
respectively.
    The Egyptian stock market saw more price corrections after
nearing its peak and trading volumes declined, Daniel
Takieddine, CEO MENA at BDSwiss, said.
    "Lower forecasts for the country's economic growth could
also impact sentiment."
 SAUDI ARABIA     .TASI  fell 1.2% to 10,371
 QATAR            .QSI  ended flat 10,717
 EGYPT            .EGX30  dropped 3% to 16,814
 BAHRAIN          .BAX  ended flat at 1,938
 OMAN             .MSX30  added 0.2% to 4,664
 KUWAIT           .BKP  lost 0.1% at 8,224
 ABU DHABI        .FTFADGI  fell 0.01% to 9,976
 DUBAI            .DFMGI  added 0.1 at 3,462
 (Reporting by Md Manzer Hussain; Editing by Shounak Dasgupta)
 ((MdManzer.Hussain@thomsonreuters.com))