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Wednesday, April 24, 2024

Most major Gulf stocks fall on Fed hawkishness, Egypt extends gains


Jan 5 (Reuters) – Most major Gulf shares ended lower on Thursday after the minutes of the U.S. Federal Reserve’s last meeting sent a hawkish message, while Saudi shares reversed early losses to end flat and Egypt’s was flat for a sixth straight session. days rose.

Minutes of the Fed’s December meeting, released overnight, showed that while officials agreed the central bank should slow pace After raising rates, they remain focused on curbing inflation.

Meanwhile, top oil exporter Saudi Arabia cut the official selling price (OSP) for its flagship Arabian Light crude for sales to Asia in February to $1.80 a barrel, higher than that of Oman, a person familiar with the matter told Reuters on Thursday. / Average for Dubai.

The price is $1.45/bbl lower than the January OSP.

Saudi Arabia benchmark stock index (.one) It ended flat as losses in energy and financial stocks were limited by gains in real estate stocks.

Index heavyweight Saudi Aramco rose nearly 1%.

In Abu Dhabi, the benchmark index (.FTFADGI) 0.3% drop to become the country’s largest bank First Abu Dhabi Bank (FAB.AD) Fertility maker Fertiglobe fell 0.6 percent (FERTIGLOBE.AD) fell 2.4%.

Alpha Zabi (ALPHADHABI.AD) and Abu Dhabi State Fund Mubadala Investment Program deploy Through a new joint venture, up to 9 billion dirhams ($2.45 billion) will be provided to the credit market, the two companies said. Alpha Dhabi fell 0.6%.

Elsewhere, Abu Dhabi National Oil Company (ADNOC) said on Thursday it would distribute $15 billion for decarbonization projects by 2030.

Dubai main stock index (.DFMGI) Real estate and financial stocks fall 0.4% as blue-chip developer Emaar Properties (EMAR. YOU) Down 1.4%, lender Emirates NBD (ENBD.DU) down 0.4%.

Qatar benchmark stock index (.QSI) For the week, it rose 2.8%, after a gain of 4.3%.

Beyond the Gulf, Egypt’s blue-chip index (.EGX30) It closed up 2.9 percent, hitting its highest level since August 2018, with Commercial International Bank of Egypt (COMI.CA) up 2.5%.

Reporting by Shamsuddin Mohd in Bengaluru; Editing by Emelia Sithole-Matarise

Our standards: Thomson Reuters Trust Principles.


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