Most stock markets in the Gulf ended higher on Thursday as second-quarter earnings picked up, while optimism over U.S. interest rate cuts also cheered investor sentiment.
Investors are fully pricing in a 25-basis-point rate cut in September after Federal Reserve officials said on Wednesday the U.S. central bank was "closer" to cutting interest rates, as inflation has been easing close to its 2% target.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI), opens new tab reversed early losses to close 0.3% higher, with Al Rajhi Bank (1120.SE), opens new tab rising 0.8% and the country's biggest lender Saudi National Bank (1180.SE), opens new tab increasing 1.6%.
The kingdom's crude oil exports rose in May, after slipping in April from a nine-month high hit in March, data from the Joint Organizations Data Initiative showed on Wednesday.
Dubai's main share index (.DFMGI), opens new tab advanced 0.9%, led by a 1.7% rise in top lender Emirates NBD (ENBD.DU), opens new tab, after reporting a 13% rise in second-quarter net profit beating analyst estimates.
In Abu Dhabi, the index (.FTFADGI), opens new tab gained 0.6%.
Post trading hours, Abu Dhabi Commercial Bank (ADCB.AD), opens new tab - which was suspended for trading - posted a 20% rise in second-quarter profit on Thursday, beating analysts' forecasts helped by higher net interest income and non-interest income.
Separately, Abu Dhabi National Hotels (ADNH.AD), opens new tab is considering an initial public offering for its catering business, ADNH catering, the company said in an undated statement on its website.
The Qatari benchmark (.QSI), opens new tab declined 1.2%, as most of its constituents were in the negative territory, including utility firm Qatar Electricity and Water Company (QEWC.QA), opens new tab which was down 2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 1.1%, with El Sewedy Electric Co (SWDY.CA), opens new tab rising 5.3%.
No comments:
Post a Comment