Sunday 15 January 2023

Gulf bourses wobble; Egypt edges up | Reuters

Gulf bourses wobble; Egypt edges up | Reuters


Stock markets in the Gulf wobbled on Sunday with the Qatari index extending losses for a third session.

U.S. Federal Reserve policymakers on Thursday expressed relief that inflation continued easing in December, paving the way for a possible step down to a quarter point interest rate increase when the U.S. central bank meets in just under three weeks.

Still, Fed policymakers remain aligned around further hikes - whatever the size - and a final destination somewhere above 5%.

Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States.

Saudi Arabia's benchmark index (.TASI) eased 0.2%, hit by a 1% fall in Riyad Bank (1010.SE) and a 0.7% drop in petrochemical maker Saudi Basic Industries Corp (2010.SE).

Elsewhere, Saudi Arabian Mining Co (Ma'aden) (1211.SE), the Gulf's largest miner, retreated 1.2%, ending two sessions of gains.

The miner said on Wednesday it had agreed to form a joint venture with the kingdom's sovereign wealth fund to invest in mining assets globally.

Saudi Arabia's annual inflation rate ticked up to 3.3% in December from 2.9% in November, government data showed on Sunday, with price rises again driven mainly by housing costs.

In Qatar, the share index (.QSI) fell 0.3%, weighed down by a 1.9% decline in Commercial Bank (COMB.QA).

However, Qatar National Bank (QNB) (QNBK.QA), the Gulf's biggest bank by assets, gained 0.7%, ending three sessions of losses.

Last week, the lender reported a 9% rise in annual net profit after adjusting for hyperinflation related to its business in Turkey.

Outside the Gulf, Egypt's blue-chip index (.EGX30) added 0.1%, helped by a 5.3% jump in El Sewedy Electric (SWDY.CA).

No comments:

Post a Comment