In Abu Dhabi, the benchmark index rose for a second consecutive session and ended 0.5% higher
Most stock markets in the Gulf ended higher on Tuesday, despite concerns over higher-for-longer U.S interest rates, although Saudi shares continued their slide for a fourth session. The Federal Reserve officials said monetary policy will need to stay restrictive for “some time” to bring inflation back down to the U.S. central bank’s 2% target.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policies as most regional currencies are pegged to the U.S. dollar.
In Abu Dhabi, the benchmark index rose for a second consecutive session and ended 0.5% higher, lifted by a 0.8% gain in conglomerate International Holding Company and a 2.4% surge in Aldar Properties. The UAE’s largest lender First Abu Dhabi Bank added 0.4% and Abu Dhabi commercial Bank gained 1.1%. Abu Dhabi’s non-oil economic growth surged 12.3% in the second quarter, data showed on Monday, supporting overall GDP growth in the period of 3.5% year-on-year.
Dubai’s benchmark index was up 0.5%, extending its rally to a third straight session with most sectors in the positive territory. Middle East’s low-cost carrier Air Arabia shot up 3.6% and real estate developer Emaar Development advanced 4.1%. The emirate’s largest lender Emirates NBD surged 2%.
The Qatari index inched up 0.2%, supported by finance and energy sectors, with Qatar Gas Transport rising 2.8% and Qatar Islamic Bank adding nearly 1%.
Saudi Arabia’s benchmark index was down 0.5%, extending its losses to a fourth consecutive session, with oil major Saudi Aramco falling 0.7% and Dar Al Arkan Real Estate Development Company dropping 6.5%.
Outside the Gulf, Egypt’s blue-chip index fell 1%, extending its losses to a fourth session, weighed down by an 8% slump in Alexandria Mineral Oils Co and a 4.5% drop in Misr Fertilizers Production Co.
- SAUDI ARABIA fell 0.5% to 10,952
- KUWAIT added 0.1% to 7,477
- QATAR gained 0.2% to 10,273
- EGYPT fell 1% to 19,707
- BAHRAIN gained 0.1 to 1,935
- OMAN added 0.1% to 4,740
- ABU DHABI rose 0.5% to 9,839
- DUBAI gained 0.5% to 4,202
Source: Zawya
