Gulf markets end mixed; Egypt at record high on IMF deal | Reuters

Gulf markets end mixed; Egypt at record high on IMF deal | Reuters

Stock markets in the Gulf ended mixed on Thursday in response to U.S. Federal Reserve Chair Jerome Powell's comments on monetary policy, while the Egyptian bourse hit a record high after the country's International Monetary Fund deal.

Fed Chair Powell said on Wednesday continued progress on inflation "is not assured", though the U.S. central bank still expects to reduce its benchmark interest rate this year.

Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy since most regional currencies are pegged to the U.S. dollar.

Saudi Arabia's benchmark index (.TASI), opens new tab edged 0.1% higher, helped by a 5.5% rise in Avalon Pharma (4016.SE), opens new tab.

The Saudi stock market was volatile after two successive days of gains and there were mixed performances among its major stocks although some banks continued their rebound for a second day in a row, said Joseph Dahrieh, Managing Principal at Tickmill.

"The market could find some resistance near its peak in February and could be exposed to some price corrections."

Dubai's main share index (.DFMGI), opens new tab fell 0.3%, hit by a 8% slide in sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab as the lender traded ex-dividend.

The Qatari benchmark (.QSI), opens new tab dropped 0.7%, weighed down by a 6.8% fall in petrochemical maker Industries Qatar (IQCD.QA), opens new tab and a 4.6% decline in telecoms firm Ooredoo (ORDS.QA), opens new tab as the duo went ex-dividend.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 5.2%, with top lender Commercial International Bank (COMI.CA), opens new tab advancing 9.5%.

Egypt secured an expanded $8 billion deal on Wednesday with the IMF, hours after the central bank unshackled its currency and delivered a 600 basis points rate hike in a push to stabilise the economy.

#SaudiArabia transfers 8% of Aramco to PIF portfolio, SPA reports | Reuters

Saudi Arabia transfers 8% of Aramco to PIF portfolio, SPA reports | Reuters

Saudi Arabia has transferred 8% of state oil giant Aramco's (2222.SE), opens new tab total shares to a portfolio owned by the country's sovereign wealth fund PIF, state news agency SPA reported on Thursday.

Brevan Howard Builds #AbuDhabi Outpost Into $10 Billion Hub - Bloomberg

Brevan Howard Builds Abu Dhabi Outpost Into $10 Billion Hub - Bloomberg

Brevan Howard Asset Management has turned Abu Dhabi into its biggest risk-taking center, marking one of the most aggressive moves among firms that have set up in the city.

The macro-trading investment firm now runs about $10 billion from the emirate’s international financial free-zone, according to people with knowledge of the matter. That’s just under a third of its total assets and more than it manages from London or New York.

Brevan Howard opened its office at the Abu Dhabi Global Market last February and has since grown its local team to more than 80, the people said, asking not to be identified because the details are private. The firm is looking to add an additional floor to accommodate staff scrambling to move, they said.

A spokesperson for Brevan Howard, which manages about $35 billion, declined to comment.

Big-name Brevan Howard portfolio managers moving to Abu Dhabi include Ville Helske and Louis Basger. Members of a team that runs funds under the European Union’s UCITS Directive, including money managers Paul Shanta and Peter Meiklejohn, have also relocated to the emirate.

#Saudi bourse gains on Fed rate cut signal; ex-dividend stocks pull down #Dubai, #Qatar | Reuters

Saudi bourse gains on Fed rate cut signal; ex-dividend stocks pull down Dubai, Qatar | Reuters

The Saudi Arabian stock market rose in early trade on Thursday as the U.S. Federal Reserve Chair said he expects interest rate cuts later this year, while bourses in Dubai and Qatar were weighed down by stocks trading ex-dividend.

In remarks prepared for delivery to the House Financial Services Committee, Fed Chair Jerome Powell said that continued progress on inflation "is not assured," though the central bank still expects to reduce its benchmark interest rate later this year.

Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy since most regional currencies are pegged to the U.S. dollar.

Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.5%, led by a 6.4% jump in Avalon Pharma (4016.SE), opens new tab and a 0.5% increase in Al Rajhi Bank (1120.SE), opens new tab.

The Kingdom raised the official selling price (OSP) for its flagship Arab Light crude to Asia in April in line with expectations, an Aramco (2222.SE), opens new tab statement showed on Wednesday.

However, oil giant Saudi Aramco was down 0.4% on the day.

Crude prices - a key catalyst for the Gulf's financial markets - eased 0.6% to $82.51.

In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab added 0.1%.

Dubai's main share index (.DFMGI), opens new tab dropped 0.6%, dragged down by a 7.1% slide in Sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab as the stock went ex-dividend.

The Qatari benchmark (.QSI), opens new tab declined 1%, while petrochemical maker Industries Qatar (IQCD.QA), opens new tab retreated 6.2% and telecoms firm Ooredoo (ORDS.QA), opens new tab fell more than 5% as the duo were trading ex-dividend.