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Jan 30 (Reuters) – Most Gulf stocks closed lower on Monday, tracking global shares, as looming rate hikes by major central banks including the Federal Reserve weighed on investor sentiment, while Abu Dhabi bucked the trend.
investor expected The Fed is due to raise interest rates by 25 basis points on Wednesday and any deviation from that script would be a real shock.
Most Gulf currencies are pegged to the dollar, while Saudi Arabia, the United Arab Emirates and Qatar typically mirror changes in U.S. monetary policy.
benchmark index (.one) Shares in Saudi Arabia fell 0.3%, snapping a seven-session winning streak. Index dragged down by falls in financials, materials sector stocks, Al Rajhi Bank (1120.SE) It fell 0.4 percent and Riyadh Bank fell 1.9 percent.
Among other stocks, the National Bank of Saudi Arabia (1180.SE) and Saudi Basic Industries fell 2.% and 0.6%, respectively.
In Abu Dhabi, the index (.FTFADGI) It closed up 0.7 percent after plunging more than 3 percent to hit a six-month low.
The index was boosted by a 4.2% gain in integrated utility ADNEC (TAQA.AD) Telecom provider Emirates Telecommunications rose 5.2 percent (EAND.AD).
Consolidated International Holdings (IHC.AD) Recovered the previous loss and closed flat, its subsidiary Alpha Dhabi Holding (ALPHADHABI.AD) and crew (Multiply Ads) They rebounded only partially, ending down 2.9 percent and 4.2 percent, respectively, after falling 10 percent in both stocks.
In addition, IHC Say On Monday, it will invest 1.4 billion dirhams ($381.17 million) in India’s Adani Enterprises (Adel.NS) Subsequent public offering.
Dubai’s benchmark index (.DFMGI) Down 0.8%, hit by losses in Emaar Properties’ industrial and heavyweight real estate sectors (EMAR. YOU) fell 2.1 percent, with toll operator Salik (Salik. You) down 3.1%.
Qatar Stock Index (.QSI) It fell 0.3%, with most constituent stocks ending lower.
Qatar National Bank (QNBK.QA)down 0.5% and Masraf Al Rayan (MARK.QA) It fell 5.1 percent on weak earnings.
The lender posted a more than 22% drop in full-year net profit.
Beyond the Gulf, Egypt’s blue-chip index (.EGX30) It fell 2.2 percent, snapping a 12-session winning streak. The index was dragged down by losses in nearly all of its constituents.
Telecom Egypt down 7.1%, Talaat Mostafa (TMGH.CA) and EFG Hermes(HRHO.CA) They fell 3.3% and 2.9%, respectively.
Reporting by Md Manzer Hussain; Editing by Maju Samuel
Our standards: Thomson Reuters Trust Principles.
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