Page 98 - AAE GENERAL REPORT - March 2024

4/3/24, 8:58 AM Mideast Stocks: Gulf bourses drop ahead of US inflation data; Egypt extends losses
posted a 15.9% decrease in annual net profit.

However, Saudi National Bank climbed 4.9%, the sharpest rise since early January, after

the kingdom's largest lender has appointed a new chief executive in place of the acting

CEO.

The Qatari benchmark index was down 0.1%, weighed down by losses in energy, finance,

real estate and industry sectors with Qatar Navigation sliding 2.3% and Qatar International

Islamic Bank dropping 1.4%.

In Abu Dhabi, the benchmark index slid for a fourth straight session and ended 0.1%

lower, with Aldar Properties sliding 1.1% and First Abu Dhabi Bank, the UAE's largest

lender, falling 0.6%.

Dubai's benchmark index was little changed as Commercial Bank of Dubai gained 4.4%

and Dubai Financial Market added 3.5%. However, Al Ansari Financial Services slid 1.9%,

the sharpest intraday fall in more than two months, while National Central Cooling slipped
3.9% as both firms traded ex-dividend.

The crucial February reading of the Personal Consumption Expenditures (PCE) price

index, the Fed's preferred inflation gauge, is due on Friday.

A hot reading for the PCE index could dent market optimism around early rate cuts. Most

Gulf currencies are pegged to the dollar and any U.S. monetary policy change is usually
mimicked by Saudi Arabia, the United Arab Emirates and Qatar.

Outside the Gulf, Egypt's blue-chip index dropped 2.4%, extending its losses to a third

consecutive session, with almost all stocks in the red.

Fawry for Banking slipped 6.5% and Commercial International Bank dropped 3.1%.

SAUDI ARABIA lost 0.3% to 12,566

KUWAIT added 0.1% to 8,082

QATAR was down 0.1% to 9,944

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