Gulf Markets End Mixed – Markets

Gulf Markets End Mixed – Markets

Dubai, United Arab Emirates

– Gulf markets ended mixed on Thursday, with most indices edging lower on thin trading volumes. The

Abu Dhabi Securities Exchange (ADX)

lost 0.2% to close at 10,023.16 points. The decline was led by blue-chip stocks, with

Etisalat

falling 1.5% and

First Abu Dhabi Bank

dropping 0.7%. In Dubai, the

Dubai Financial Market (DFM)

also fell 0.2% to end at 3,531.36 points. The index was pressured by losses in the real estate and financial sectors.

Emaar Properties

lost 0.8% and

Dubai Islamic Bank

declined 1.2%. However, the

Qatar Stock Exchange (QSE)

managed to eke out a gain of 0.1% to settle at 12,996.69 points. The rise was supported by gains in the industrial and consumer goods sectors.

Industries Qatar

climbed 1.5% and

Vodafone Qatar

advanced 1.2%. Other Gulf markets also recorded mixed results. The

Bahrain Bourse

fell 0.1% to close at 1,928.48 points, while the

Kuwait Stock Exchange (KSE)

gained 0.2% to finish at 8,942.90 points. The mixed performance of Gulf markets on Thursday reflected the overall cautious sentiment in global markets. Investors were awaiting the outcome of the U.S. Federal Reserve’s policy meeting next week, where it is widely expected to raise interest rates again.Gulf Stock Markets Mixed; Oil Prices Boost Qatar, Abu Dhabi

Gulf Stock Markets Mixed; Oil Prices Boost Qatar, Abu Dhabi

Gulf stock markets exhibited a mixed performance on Monday, with some gaining and others losing ground. The rise in oil prices provided support to certain markets, while strong US jobs data tempered hopes for an imminent Federal Reserve interest rate cut.

Qatar

* The benchmark Qatari index climbed 0.4%, extending its rally to eight consecutive sessions, its longest stretch of gains in nearly half a year. * Qatar National Bank, the largest regional lender, rose 1.2%, and United Development Co (UDCD) gained 1.6%. * UDCD shareholders approved the sale of a 40% stake in Qatar District Cooling Co.

Abu Dhabi

* The Abu Dhabi index advanced 0.4% for the second day in a row. * Purehealth soared 9.3%, and ADNOC Distribution gained 2.1%. * ADNOC revealed that it had redeemed all convertible bonds issued by ADNOC Distribution, maintaining its 77% majority stake in the gas station operator. * Presight Ai climbed 10.1% after acquiring a majority stake in Matrix Jvco.

Saudi Arabia

* The Saudi benchmark index remained relatively unchanged. * Al Rajhi Bank and ACWA Power declined, while Saudi Cable advanced 5%. * Saudi Cable’s financial restructuring proposal was revised by a court, potentially paving the way for the company to resume operations.

Dubai

* Dubai’s benchmark index slipped 0.2%, weighed down by losses in most sectors. * Commercial Bank of Dubai fell 5.8%. * However, Drake & Scull International rose 6.4% following progress in its financial restructuring.

Global Context

* Strong US jobs data tempered expectations for a Fed rate cut in September, with market pricing now indicating a less than 50% chance of such a move. * Most Gulf currencies are pegged to the US dollar, and the region typically follows US monetary policy changes.

Other Markets

* Egypt’s blue-chip index rebounded 0.9% after several days of losses. * Misr Fertilizers and E-Finance for Digital led the gains. * Egypt’s urban consumer price inflation moderated to 28.1% in May from 32.5% in April.

Gulf Markets End Mixed

Gulf stock markets ended mixed on Wednesday, with some markets posting gains while others declined. The Saudi Tadawul Index rose 0.47%, to close at 11,934.58 points. The gain was led by gains in the banking and petrochemical sectors. The Dubai Financial Market Index dropped 0.55%, to finish at 3,163.30 points. The decline was triggered by losses in the real estate and construction sectors. The Abu Dhabi Securities Exchange Index edged up 0.04%, to end at 10,285.33 points. The marginal gain was supported by gains in the telecommunications and energy sectors. The Qatar Exchange Index declined 0.32%, to close at 11,722.00 points. The loss was led by declines in the banking and insurance sectors. The Kuwait Stock Exchange Price Index rose 0.21%, to finish at 8,412.99 points. The gain was fueled by gains in the financial services and industrial sectors. The Bahrain Bourse All Share Index fell 0.13%, to end at 1,676.10 points. The loss was attributed to declines in the banking and services sectors. Overall, the Gulf markets ended mixed, with some markets posting gains while others declined. The mixed performance was driven by a combination of factors, including global economic developments, corporate earnings, and political sentiment.