Mideast Stocks: Gulf stocks mixed amid rate hike woes; Egypt outperforms

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

24/09/2023 14:17

By Shamsuddin Mohd
       Sept 24 (Reuters) - Most stock markets in the Middle
East put in a mixed performance on Sunday following the Federal
Reserve's signal of one more rate hike this year, while Egypt's
main equity index hit a record high on strong gains in
fertilizer and chemical shares.
    The six-member Gulf Cooperation Council's monetary policy is
usually guided by Fed policy as five of them have their
currencies pegged to the dollar, while Kuwait's dinar is linked
to a basket of currencies believed to be dominated by the
greenback.
    The Qatari benchmark stock index  .QSI  fell 0.3%, dragged
down by almost all the sectors with financials leading the
declines.
    Qatar National Bank  QNBK.QA , the Gulf's biggest lender,
was down 0.7% while heavyweight Commercial Bank  COMB.QA 
dropped 1.3%.
    Kuwait's premier market index  .BKP  fell 1.6%, its 7th
consecutive session of losses, as most of its constituents were
in negative territory.
    Outside the Gulf, Egypt's blue-chip index  .EGX30 , closed
up 0.6%, hitting an all-time high. It was boosted by a more than
7% jump to a five-month peak in Abu Qir fertilizers and Chemical
Industries Co  ABUK.CA , and a 4.7% rise in Misr Fertilizer
Production  MFPC.CA .
    Stock markets in Saudi Arabia are closed for the kingdom’s
national day holiday while the UAE bourse is closed over the
weekend as last year it shifted to a new Monday to Friday
working week to better align with global markets.
 QATAR          .QSI  fell 0.3% to 10,292
 EGYPT          .EGX30  gained 0.7% to 20,214
 BAHRAIN        .BAX  inched up 0.1% to 1,932
 OMAN           .MSX30  traded flat at 4,679
 KUWAIT         .BKP  slid 1.6% to 7,464
 
 (Reporting by Shamsuddin Mohd in Bengaluru; Editing by Emelia
Sithole-Matarise)
 ((shamsuddin.mohd@thomsonreuters.com; +918067497252;))