Page 268 - ALEF EDUCATION PR REPORT - JUNE 2024

6/21/24, 2:28 PM Gulf shares end mixed; US Fed officials comments in focus — TradingView News
The Abu Dhabi benchmark index FADGI slipped 0.2%, dragged down by

a 1.3% drop in conglomerate International Holding Co IHC and a 2.6%

fall in Alef Education A ALEFEDT .

First Abu Dhabi Bank FAB , the UAE's largest lender, and Abu Dhabi

Islamic Bank ADIB , gained 2.4% and 2.6%, respectively.

Dubai's benchmark stock index DFMGI fell marginally after three

straight sessions of gains, with business park operator Tecom Group

TECOM down 3.2% and Dubai Islamic Bank DIB 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 (.BKP) added 0.4% to 7,654

QATAR GNRI gained 0.2% to 9,702

BAHRAIN BHBX ended flat at 2,042

ABU DHABI FADGI fell 0.2% to 8,950

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