Page 217 - SALIK PR REPORT ENGLISH AUGUST 2024

8/16/24, 11:17 AM GCC stock markets rise on US inflation data, boosting interest rate cut hopes
amounting to its entire net profits for the first half of the year, equivalent to 7.263 fils per share
after tax deductions.

The Abu Dhabi index rebounded by 0.6 percent following two days of losses. Key contributors

to this recovery included International Holdings, which rose by 1 percent, and Abu Dhabi
National Energy Co (TAQA), which saw a 1.5 percent increase alongside a 17.7 percent rise

in quarterly net profit. Meanwhile, Saudi Arabia's index advanced for the second consecutive
session, up 0.5 percent, with notable gains from Al-Taisir Group at 6.8 percent and Middle

East Pharmaceutical Industries at 2.5 percent.

In Qatar, the index rose by 0.4 percent, supported by positive movements in the telecoms,

finance, and materials sectors. Qatar National Bank improved by 1.9 percent, and telecoms
firm Ooredoo increased by 3.9 percent. However, Qatar Navigation experienced a decline of

0.7 percent following a report of a minor drop in first-half net profit. In Egypt, the blue-chip
index rose by 0.8 percent, with Commercial International Bank up by 1.2 percent and Misr

Fertilizers Production Company (Mobco) surging by 10.3 percent after reporting a significant
200 percent increase in quarterly net profit.

MENAFN15082024000045015682ID1108558730

https://menafn.com/1108558730/GCC-stock-markets-rise-on-US-inflation-data-boosting-interest-rate-cut-hopes 2/2