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By Md Manzer Hussain
Feb 20 (Reuters) – Saudi Arabia’s stock market was the worst performer among Gulf bourses that were mixed on Monday amid worries of rate hikes by the U.S. Federal Reserve.
Two Fed policymakers on Friday signaled that interest rates would need to go higher after a flurry of U.S. data suggested the world’s largest economy is holding up far better than expected.
Most Gulf Cooperation Council countries, including Qatar, Saudi Arabia and the United Arab Emirates have their currencies pegged to the U.S. dollar and follow the Fed’s policy moves closely.
The benchmark index .TASI in Saudi Arabia dropped 1.2%, dragged down by losses in most sectors.
Shares of the world’s largest Islamic bank by assets, Al Rajhi Bank 1120.SE, fell 1.3% and Riyad Bank 1010.SE was down 2.1%.
However, shares of Etihad Etisalat Co 7020.SE jumped 5.7%, its best intraday gain since June, after the telecom operator reported a 54.6% increase in full-year net profit.
Dubai’s benchmark index .DFMGI inched up 0.1%, lifted by gains in banking, real estate and industry sectors.
Lender Emirates NBD ENBD.DU rose 1.5% and shares of toll-road operator Salik Co SALIK.DU increased 0.7%.
In Abu Dhabi, the index .FTFADGI fell marginally, dragged down by a 1.6% loss in Abu Dhabi National Oil Company for Distribution ADNOCDIST.AD and a 1.3% decline in Aldar Properties ALDAR.AD.
The Qatari stock index .QSI ended flat.
Among gainers, Baladna BLDN.QA, the country’s largest dairy and beverage company, rose 2.7% after it signed a manufacturing agreement with cheese and snack giant The Bel Group.
Outside the Gulf, Egypt’s blue-chip index .EGX30 declined 3%, extending losses for the third session, with almost all its constituent stocks in the red.
Commercial International Bank COMI.CA and electronic payments company Fawry FWRY.CA dropped 3.6% and 4.8%, respectively.
The Egyptian stock market saw more price corrections after nearing its peak and trading volumes declined, Daniel Takieddine, CEO MENA at BDSwiss, said.
“Lower forecasts for the country’s economic growth could also impact sentiment.”
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SAUDI ARABIA .TASI fell 1.2% to 10,371 QATAR.QSI ended flat 10,717 EGYPT.EGX30 dropped 3% to 16,814 BAHRAIN.BAX ended flat at 1,938 OMAN.MSX30 added 0.2% to 4,664 KUWAIT.BKP lost 0.1% at 8,224 ABU DHABI.FTFADGI fell 0.01% to 9,976 DUBAI.DFMGI added 0.1 at 3,462 (Reporting by Md Manzer Hussain; Editing by Shounak Dasgupta) ((MdManzer.Hussain@thomsonreuters.com)) |
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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