Page 148 - AAE GENERAL REPORT - March 2024
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In Abu Dhabi, the benchmark index .FTFADGI rose 0.2%, helped by a 0.8% increase in
First Abu Dhabi Bank FAB.AD shares, the UAE's largest lender, and a 0.2% gain for Aldar
Properties ALDAR.AD.
Dubai's benchmark index .DFMGI eased 0.1%, weighed down by losses in utilities and
finance, with Mashreqbank MASB.DU dropping 4.6% and Al Ansari Financial
Services ALANSARI.DU sliding 1.8%.
The Qatari benchmark index .QSI retreated 0.3% after four straight sessions of gains,
with almost all sectors in the red.
Industries Qatar IQCD.QA shed 0.3%, while Qatar Islamic Bank QISB.QA and Doha
Bank DOBK.QA slipped 0.5% and 1.4% respectively.
The Fed is widely expected to hold rates steady in a meeting on Wednesday, with the
market's attention on policymakers’ updated economic and interest rate projections and
comments from Chair Jerome Powell.
Most Gulf currencies are pegged to the dollar, and any monetary policy change in the
United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index .EGX30 fell for a third consecutive session,
ending 1.4% lower and with most sectors in the red.
Commercial International Bank COMI.CA and Talaat Mostafa Group TMGH.CA dropped
3.6% and 6.3% respectively, while E-Finance EFIH.CA surged 10.6%.
The World Bank said on Monday it intends to provide more than $6 billion of support
over the coming three years to Egypt, which has been struggling with a foreign currency
crunch and gaping budget and balance of payments deficits.
SAUDI ARABIA
.TASI rose 0.3% to 12,804
KUWAIT
.BKP fell 0.5% to 8,074
QATAR
https://www.nasdaq.com/articles/mideast-stocks-major-gulf-bourses-end-mixed-egypt-extends-
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