Mideast Stocks: Gulf bourses wobble; Egypt edges up

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

15/01/2023 13:35

By Ateeq Shariff
       Jan 15 (Reuters) - Stock markets in the Gulf wobbled on
Sunday with the Qatari index extending losses for a third
session.
    U.S. Federal Reserve policymakers on Thursday expressed
relief that inflation continued easing in December, paving the
way for a possible step down to a quarter point interest rate
increase when the U.S. central bank meets in just under three
weeks.
    Still, Fed policymakers remain aligned around further hikes
- whatever the size - and a final destination somewhere above
5%.
    Most Gulf currencies are pegged to the dollar and Qatar,
Saudi Arabia and the United Arab Emirates usually mirror any
monetary policy change in the United States.
    Saudi Arabia's benchmark index  .TASI  eased 0.2%, hit by a
1% fall in Riyad Bank  1010.SE  and a 0.7% drop in petrochemical
maker Saudi Basic Industries Corp  2010.SE .
    Elsewhere, Saudi Arabian Mining Co (Ma'aden)  1211.SE , the
Gulf's largest miner, retreated 1.2%, ending two sessions of
gains.
    The miner said on Wednesday it had agreed to form a joint
venture with the kingdom's sovereign wealth fund to invest in
mining assets globally.
    Saudi Arabia's annual inflation rate ticked up to 3.3% in
December from 2.9% in November, government data showed on
Sunday, with price rises again driven mainly by housing costs.
    In Qatar, the share index  .QSI  fell 0.3%, weighed down by
a 1.9% decline in Commercial Bank  COMB.QA .
    However, Qatar National Bank (QNB)  QNBK.QA , the Gulf's
biggest bank by assets, gained 0.7%, ending three sessions of
losses.
    Last week, the lender reported a 9% rise in annual net
profit after adjusting for hyperinflation related to its
business in Turkey.
    Outside the Gulf, Egypt's blue-chip index  .EGX30  added
0.1%, helped by a 5.3% jump in El Sewedy Electric  SWDY.CA .
 SAUDI ARABIA   .TASI  fell 0.2% to 10,727
 QATAR          .QSI  dropped 0.3% to 10,961
 EGYPT          .EGX30  added 0.1% to 15,561
 BAHRAIN        .BAX  was up 0.1% to 1,892
 OMAN           .MSX30  down 0.2% to 4,868
 KUWAIT         .BKP  declined 0.3% to 7,875
 (Reporting by Ateeq Shariff in Bengaluru; Editing by Susan
Fenton)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))