Mideast Stocks: Gulf bourses muted in early trade; Fed meet eyed

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

12/06/2024 09:39

By Md Manzer Hussain
       June 12 (Reuters) - Most stock markets in the Gulf were
subdued in early trading on Wednesday as investors turned
cautious ahead of U.S. consumer price index data for May and the
Federal Reserve's rate decision and interest rate projections
due later in the day.
    Most Gulf currencies are pegged to the dollar and any U.S.
monetary policy changes are usually followed by Saudi Arabia,
the United Arab Emirates and Qatar.
    Dubai's benchmark stock index  .DFMGI  retreated 0.5%, after
the previous session of gains, with most of its constituents
losing ground. Low-cost flyer Air Arabia  AIRA.DU  slipped 3%
and Emaar Properties  EMAR.DU  shed 0.8%.
    The Abu Dhabi benchmark index  .FTFADGI  fell 0.2%,
pressured by a 1.4% drop in conglomerate Alpha Dhabi Holding
 ALPHADHABI.AD  and 3% decline in Multiply Group MULTIPLY.AD .
    The investment holding company Multiply's unit Omorfia has
acquired Grooming Company Holding (TGCH), a salon and beauty
services provider in the UAE.
    Among other fallers, Alef Education ALEFEDT.AD , an edu-tech
firm, dropped 8.9% to 1.23 dirham compared with its IPO price of
1.35 dirham per share in its market debut.
    Saudi Arabia's benchmark stock index  .TASI  was down 0.1%,
weighed down by losses in most sectors. ACWA Power slipped 3.2%
and Middle East Pharmaceutical dropped 1.7%.
    However, shares of the staffing company Saudi Manpower
Solutions Co.  1834.SE  jumped 24% to 9.30 riyals compared to
its IPO price of 7.50 riyals per share in its market debut. 
    The Qatari benchmark index  .QSI  was up 0.3%, helped by
gains in most sectors with Commercial Bank  COMB.QA  adding 1.7%
and Gulf International Services  GISS.QA  rising 3.2%.

 (Reporting by Md Manzer Hussain; Editing by Hugh Lawson)
 ((MdManzer.Hussain@thomsonreuters.com;))