Page 229 - SALIK PR REPORT AUGUST 2024

8/15/24, 9:42 AM Gulf markets rise amid global stock rally - Markets - Business Recorder
Markets are pricing in a roughly 51.5% chance of a 50 basis point rate cut, and a 48.5%

chance of a 25 basis point cut, at the Fed’s next meeting in September.

Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by
the Fed’s decisions, as most regional currencies are pegged to the US dollar.

Dubai’s benchmark stock index was up 0.7%, lifted by gains in most sectors with Emirates

NBD, the emirate’s largest lender, rising 2.1% and toll operator Salik Company advancing

1.5%.

Salik said on Tuesday it will distribute all of its first half-year net profit after tax as

dividend, equaling 7.263 fils per share.

The Abu Dhabi benchmark index bounced back after two straight sessions of loss, rising

0.6%. The conglomerate International Holding gained 1% and Abu Dhabi National Energy

was up 1.5%. The state-owned energy firm TAQA reported a 17.7% rise in quarterly net
profit.

Saudi Arabia’s benchmark stock index was up for a second consecutive session, increasing

0.5%, with most of its constituents posting gains.

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