Page 263 - ALEF EDUCATION PR REPORT - JUNE 2024

The Qatari benchmark index was up 0.2%, extending its gains for the thirteenth session,

the longest rally in nearly a year. Maritime and logistics firm Qatar Navigation climbed
5.8%, while petrochemicals and fertilizers conglomerate Industries Qatar advanced
1.4%.

Meanwhile, energy giant QatarEnergy and Exxon Mobil, owners of a $10-billion LNG
project that has stalled with the bankruptcy of its main contractor, are asking a court to

immediately oust Zachry Industrial from the project.

The Abu Dhabi benchmark index slipped 0.2%, dragged down by a 1.3% drop in
conglomerate International Holding Co and a 2.6% fall in Alef Education . First Abu
Dhabi Bank, the UAE's largest lender, and Abu Dhabi Islamic Bank, gained 2.4% and

2.6%, respectively.

Dubai's benchmark stock index fell marginally after three straight sessions of gains, with
business park operator Tecom Group down 3.2% and Dubai Islamic Bank up 2%.
Investors are waiting for comments from U.S. central bank officials to get fresh cues as
to when the Fed would start its policy easing cycle. Traders currently see a 66% chance

of an interest rate cut by the Fed in September.

Most Gulf currencies are pegged to the dollar and any U.S. monetary policy changes
are usually followed by Saudi Arabia, the United Arab Emirates and Qatar.

Markets in Saudi Arabia, Oman and Egypt are closed for a holiday break.

• KUWAIT added 0.4% to 7,654

• QATAR gained 0.2% to 9,702
• BAHRAIN ended flat at 2,042
• ABU DHABI fell 0.2% to 8,950
• DUBAI ended flat at 3,987

(Reporting by Md Manzer Hussain; Editing by Shounak Dasgupta)

https://www.zawya.com/en/markets/equities/mideast-stocks-gulf-shares-end-mixed-us-fed-
officials-comments-in-focus-yjyerd5a