Page 83 - SALIK PR REPORT SEPTEMBER 2024

9/11/24, 11:17 AM Major Gulf markets gain, key US inflation data in focus - Markets - Business Recorder
Investors remained focused on the U.S. consumer price index report, due Wednesday,

which would likely provide clarity on whether the Fed could deliver an outsized 50-basis-
point cut when it meets on Sept. 17-18.

Market pricing points to about 110 bps of cuts expected from the U.S. central bank this

year.

Monetary policy in the six-member Gulf Cooperation Council (GCC), including the UAE, is

usually guided by the Fed’s policy decisions because most currencies in the region are
pegged to the dollar.

Most Gulf markets retreat as Fed uncertainty persists

Saudi Arabia’s benchmark index gained 0.3%, with Al Taiseer Group rising 0.7% and Al

Rajhi Bank up 1.6%.

Dubai’s main share index added 0.5%, led by a 3.1% jump in toll operator Salik Company.

In Abu Dhabi, the index was up 0.3%.

The United Arab Emirates’ economy grew 3.4% in the first quarter of 2024 compared with
the same period the previous year, according to preliminary government estimates

reported by the state news agency WAM on Monday.

The Qatari benchmark increased 0.6%, with the Gulf’s biggest lender Qatar National Bank

advancing 1.7%.

Among other gainers, Vodafone Qatar rose 0.2%. The telecom firm signed a 5-year
partnership agreement with Microsoft.

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