Page 224 - SALIK PR REPORT ENGLISH AUGUST 2024

8/15/24, 9:41 AM Gulf markets rise amid global stock rally — TradingView News
Gulf markets rise amid global

stock rally

Aug 14, 202417:31 GMT+4

DFMGI +0.69% EMIRATESNBD +2.09% SALIK +1.49% FADGI +0.55%

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 EMIRATESNBD , the emirate's largest lender, rising

2.1% and toll operator Salik Company SALIK 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 FADGI bounced back after two straight
sessions of loss, rising 0.6%. The conglomerate International Holding IHC

gained 1% and Abu Dhabi National Energy TAQA was up 1.5%. The state-

owned energy firm TAQA reported a 17.7% rise in quarterly net profit.

https://www.tradingview.com/news/reuters.com,2024:newsml_L4N3K1135:0-gulf-markets-rise-amid-global-stock-rally/ 1/3