Most stock markets in the Gulf tracked Asian peers higher in early trading on Monday, after a U.S. inflation reading last week boosted hopes of interest rate cuts from the Federal Reserve this year.
On Friday, data showed the personal consumption expenditures price index increased 0.3% in April, matching the unrevised gain in March. Traders are pricing in about a 53% chance of a September rate cut, versus 49% before the report.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
The Abu Dhabi benchmark stock index (.FTFADGI), opens new tab advanced 1.2%, with most of its constituents posting gains.
Conglomerate International Holding Co (IHC.AD), opens new tab and its unit Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab climbed 1.4% and 4.6%, respectively.
Among other gainers, ADNOC Logistics (ADNOCLS.AD), opens new tab, known as ADNOC L&S, surged 3.7%.
Energy major ADNOC's logistics unit, ADNOC L&S, signed a deal to acquire shipping pool operator Navig8 Topco Holdings for a total value of up to $1.49 billion.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was up 0.7%, with most sectors in positive territory. Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, gained 2% and Saudi Arabian Mining (1211.SE), opens new tab climbed 3.1%.
Among other gainers, Saudi Aramco (2222.SE), opens new tab added 0.7%, bouncing back from four straight sessions of losses.
Meanwhile, Saudi Arabia's sale of shares in oil major Aramco drew more demand than the stock on offer within hours of kicking off on Sunday, a deal that could raise up to $13.1 billion.
Dubai's benchmark stock index (.DFMGI), opens new tab was up 0.4%, helped by gains in industry, finance and communications. Salik Company (SALIK.DU), opens new tab rose 1.5% and Commercial Bank of Dubai (CBD.DU), opens new tab climbed 6.5%.
The Qatari benchmark stock index (.QSI), opens new tab edged up 0.2%, helped by a 0.6% rise in Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, and a 0.9% gain in Barwa Real Estate (BRES.QA), opens new tab.
No comments:
Post a Comment