Stock markets in the Gulf fell on Sunday, led by the Saudi index, after the U.S. Federal Reserve Chair Powell indicated the latest inflation data did not undermine the central bank's baseline outlook.
Saudi Arabia's benchmark index (.TASI), opens new tab was down for a second straight session and dropped 1.3%, with almost all sectors in the red.
ACWA Power (2082.SE), opens new tab fell 3.5% and Saudi National Bank(1180.SE), opens new tab, the kingdom's largest lender, lost 1.5%.
Among other losers, Middle East Pharmaceutical Industries (4016.SE), opens new tab and Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, slid 7.8% and 1% respectively.
Meanwhile, the index gained 3.6% on a quarterly basis.
The Qatari benchmark index (.QSI), opens new tab dropped for a fifth straight session and ended 1% lower with almost all sectors in the negative territory.
Qatar Islamic Bank (QISB.QA), opens new tab and Qatar International Islamic Bank (QIIB.QA), opens new tab slipped 3.4% and 1.5% respectively, while Qatar Aluminum Manufacturing (QAMC.QA), opens new tab dropped 4%.
The index lost 9.1% in the first quarter of 2024 after posting gains in the previous two quarters, according to LSEG data.
The latest U.S. inflation data is "along the lines of what we would like to see," Fed Chair Jerome Powell said on Friday in comments that appeared to keep the central bank's baseline for interest rate cuts this year intact.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy changes are usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab extended its losses to a fourth straight session and lost 2.5% to 26,883, lowest levels in more than two months.
E-Finance (EFIH.CA), opens new tab and Eastern Co (EAST.CA), opens new tab slumped 6.6% and 6.1% respectively, while Commercial International Bank (COMI.CA), opens new tab dropped 3.8%.
The Egypt index has advanced 8% in the January-March quarter, extending gains for seven straight quarters in a row.
No comments:
Post a Comment