Page 321 - SALIK PR REPORT AUGUST 2024

8/13/24, 11:19 AM Newswire - MIDEAST STOCKS-Most Gulf markets gain ahead of US data
MIDEAST STOCKS-Most Gulf markets gain

ahead of US data

| Mon, 12 Aug 2024 09:28:59 GMT

By Ateeq Shariff Aug 12 (Reuters) – Most stock markets in the Gulf closed higher on Monday, in line
with global shares, as investors looked ahead to U.S. and Chinese economic data. Investors were
looking ahead to U.S. consumer price index data for July on Wednesday, which is expected to show
month-on-month inflation ticked up to 0.2% after a minus 0.1% reading in June. Retail sales data is
due on Thursday. 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 main
share index gained 0.2%, with toll operator Salik Company rising 1.5% and blue-chip developer Emaar
Properties increasing 0.6%. Among other gainers, Parkin, which oversees public parking operations,
advanced 2.5% after reporting a rise in quarterly profit. The Qatari benchmark added 0.2%, helped by
a 0.9% increase in the Gulf’s biggest lender by assets Qatar National Bank. Saudi Arabia’s benchmark
index eased 0.3%, weighed by a 1.3% slide in aluminium products manufacturer Al Taiseer Group.
The Saudi stock market continued to trade sideways after a rebound. However, the market could
remain exposed to the downside if US recession fears return, said Hani Abuagla Senior Market
Analyst at XTB MENA. “A stronger rebound in oil prices could drive the stock market to the upside.” Oil
prices – a catalyst for the Gulf’s financial markets – inched up, having bounced 3.5% last week as
fears of a widening Middle East conflict threatened supplies. In Abu Dhabi, the index declined 1%.
China issues figures on retail sales and industrial production on Thursday, which are expected to show
the economy continuing to underperform, potentially exacerbating some investors’ fears about global
growth. Outside the Gulf, Egypt’s blue-chip index finished 0.6% higher, with Commercial International
Bank Egypt gaining 1.6%. SAUDI ARABIA fell 0.3% to 11,741 ABU DHABI lost 1% to 9,215 DUBAI
gained 0.2% to 4,201 QATAR gained 0.2% to 10,094 EGYPT up 0.6% to 29,707 BAHRAIN was up
0.2% to 1,936 OMAN rose 0.6% to 4,686 KUWAIT dropped 0.8% to 7,685 (Reporting by Ateeq Shariff
in Bengaluru; Editing by Shreya Biswas)
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