Gulf bourses end mixed; Egypt rises | Reuters

Gulf bourses end mixed; Egypt rises | Reuters

Stock markets in the Gulf were mixed on Sunday amid strong oil prices as investors awaited clues on interest rate policy after the U.S. Federal Reserve's favored inflation reading showed moderating prices.

Oil prices - a catalyst for the Gulf's financial markets - settled at their highest in nearly two months on Friday, helped by higher demand expectations while Middle East supply concerns added support.

Saudi Arabia's benchmark index (.TASI) closed 0.8% higher, snapping previous session of losses, with all sectors in positive territory.

Saudi Arabian media firm MBC Group (4072.SE) jumped 7.5% and SAL Saudi Logistics Services Co (4263.SE) climbed 4.4%.

Among the gainers, the world's largest Islamic lender, Al Rajhi Bank(1120.SE) surged 3.4%, the highest rise since Dec 14.

The Qatari index (.QSI) dipped slightly to trade flat. Losses in energy, finance, and communication sectors offset gains in industry and utilities.

Commercial Bank (COMB.QA) and Qatar Gas Transport (QGTS.QA) dropped 1.3% each while Industries Qatar (IQCD.QA) and Qatar Electricity and Water (QEWC.QA) each added 0.6%.

The U.S. Commerce Department data showed on Friday that U.S. price pressures moderated in December, with markets hoping the data will keep the Fed on track to begin rate cuts by the middle of this year.

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

Outside the Gulf, Egypt's blue-chip index (.EGX30) rose for a second straight session and ended 3.5% higher, supported by gains in most stocks, with Commercial International Bank (COMI.CA) surging 2.4% and Sidi Kerrie (SKPC.CA) jumping 16.9%.

QSE index rises 38.46 points at start of trading

QSE index rises 38.46 points at start of trading

The general index of Qatar Stock Exchange (QSE) rose 38.47 points, or 0.37%, at the beginning of trading on Sunday, reaching 10,386 points compared to Thursday's closing.

The QSE general index was supported by a rise in most sectors: Telecoms by 0.62%; Industrials by 0.53%; Banks and Financial Services by 0.38%; Real Estate by 0.36%; and Transportations by 0.33%. In contrast, the performance was negative for the Insurance sector by 0.26% and the Consumer Goods and Services sector by 0.02%.

At around 10:00 am, QSE recorded 2503 transactions worth QR 63.855 million, distributed among 21.674 million shares.

Arab Health to showcase UK investment potential for Gulf boom

Arab Health to showcase UK investment potential for Gulf boom

Arab Health 2024 opens with a twist as the booming home market triggers growing interest in investing in the global healthcare sector, including the state-dominated UK NHS, which will be showcased at this week's event.

While domestic healthcare markets are rapidly developing within Gulf Co-operation Council countries, cash-rich investment funds are looking to life sciences, pharmaceutical and healthcare assets in the UK, the US and Europe.

Current Health Expenditure (CHE) in the GCC is projected to reach $135.5 billion in 2027, an increase of 5.4 per cent from 2022, according to Aspen Capital.

Jonathan Evans, director at the Association of British HealthTech Industries, noted the significant investments coming from GCC countries into Britain.

“In UK HealthTech alone, there are in the region of 4,500 companies. Add to that the thousands of pharmaceutical businesses and ancillary healthcare companies, and you have a huge ecosystem that will be looking for investment, so I would imagine we will see plenty more deal-making in the years ahead,” he told The National.