Most Gulf shares decline after Fed rate hike; #Saudi gains | Reuters

Most Gulf shares decline after Fed rate hike; Saudi gains | Reuters

Most Gulf markets fell in early trade on Thursday, after the U.S. Federal Reserve lifted interest rates to curb surging inflation, reigniting fears over economic growth.

The U.S. central bank hiked interest rates on Wednesday by 75 basis points, its biggest raise since 1994. read more

In Abu Dhabi, equities (.FTFADGI) fell 0.3%, with the Emirate's largest lender First Abu Dhabi Bank (FAB.AD) dropped 0.5%.

Abu Dhabi National Energy (TAQA.AD), however, gained 2.4% after Abu Dhabi Securities Exchange approved listing of multi-tranche $8.25 billion bonds, starting June 23.

Dubai's benchmark index (.DFMGI) eased 0.1%, with Emirates Integrated Telecommunication (DU.DU) losing 1%.

Dubai business park operator Tecom Group set price guidance for its initial public offering between 2.46 dirhams ($0.66) and 2.67 dirham ($0.72) per share, implying a market capitalisation ranging from 12.3 billion dirhams to 13.4 billion dirhams. read more

The Qatari index (.QSI) edged 0.3% lower, hit by a 1.7% drop in Commercial Bank (COMB.QA).

Saudi Arabia's benchmark index (.TASI), however, rose 0.6%, boosted by a 0.6% gain in Al Rajhi Bank (1120.SE) and a 1.6% increase in Riyad Bank (1010.SE).

Oil giant Saudi Aramco (2222.SE) gained 0.6%, as the company is likely planning to merge Motiva Trading with Aramco Trading ahead of a potential initial public offering of the business, people familiar with the matter said. read more