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8/15/24, 9:42 AM Gulf markets rise amid global stock rally
Reuters

Gulf markets rise amid global stock rally

Aug 14, 2024 at 1:31 pm GMT

By Md Manzer Hussain
Aug 14 (Reuters) -Stock markets in the Gulf tracked global shares to end higher on Wednesday, after the U.S.
producer price data pointed to inflation cooling, which supported speculation that the Federal Reserve could cut rates
soon.

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 U.S. dollar.

Dubai's benchmark stock index .DFMGI was up 0.7%, lifted by gains in most sectors with Emirates NBD ENBD.DU,
the emirate's largest lender, rising 2.1% and toll operator Salik Company SALIK.DU 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 .FTFADGI bounced back after two straight sessions of loss, rising 0.6%. The
conglomerate International Holding IHC.AD gained 1% and Abu Dhabi National Energy TAQA.AD 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 .TASI was up for a second consecutive session, increasing 0.5%, with most of
its constituents posting gains. Al Taiseer Group 4143.SE climbed 6.8% and Middle East
Pharmaceutical 4016.SE advanced 2.5%.

The Qatari benchmark index .QSI advanced 0.4%, helped by communication, finance and materials sectors with the
region's largest lender Qatar National Bank QNBK.QA rising 1.9% and telecom operator Ooredoo ORDS.QA climbing
3.9%.

However, Qatar Navigation QNNC.QA slid 0.7% after the maritime and logistics firm reported on Tuesday a slight dip
in half-year net profit.
Outside the Gulf, Egypt's blue-chip index .EGX30 was up 0.8%, with most sectors in the green. Commercial
International Bank COMI.CA rose 1.2%, while Misr Fertilizers Production MFPC.CA surged 10.3% after it reported a
200% surge in quarterly net profit.

SAUDI ARABIA.TASI up 0.5% to 11,850
KUWAIT .BKP rose 1.3% to 7,716
QATAR .QSI added 0.4% to 10,108
EGYPT .EGX30 gained 0.8% to 29,567
BAHRAIN .BAX up 0.4% to 1,941
OMAN .MSX30 gained 0.5% to 4,683
ABU DHABI .FTFADGI rose 0.6% to 9,226
DUBAI .DFMGI increased 0.7% to 4,213

Reporting by Md Manzer Hussain; Editing by Vijay Kishore

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