Page 60 - SALIK PR REPORT MAY 2024

5/23/24, 1:24 PM Most major Gulf bourses drop, Abu Dhabi hits two-year low — TradingView News
The Qatari benchmark index GNRI was down 0.1%, pressured by a 0.9% dip in

Qatar National Bank QNBK , the region's largest bank and a 1.4% decrease in
United Development Company UDCD .

Saudi Arabia's benchmark stock index TASI rose 0.3% with Al Rajhi Bank

1120 , the world's largest Islamic lender, advancing 1.3% and ACWA Power
2082 gaining 2.4%. Etihad Etisalat 7020 and Saudi Electricity 5110 ,

however, lost 2.7% and 3.2% respectively.

Investors are looking to the minutes from the Fed's most recent policy meeting,

due later on Wednesday, after multiple Fed officials said on Tuesday that it

would be best for the central bank to exercise patience before starting to cut
interest rates.

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

Outside the Gulf, Egypt's blue-chip index EGX30 was steady, with Abu Qir

Fertilizers ABUK down 2.9%, while Edita Food Industries EFID climbed 7%

after the snack food maker reported a 27% rise in first quarterly net profit.

SAUDI ARABIA TASI was up 0.3% to 12,157

KUWAIT (.BKP) added 0.1% to 7,799

QATAR GNRI fell 0.1% to 9,708

EGYPT EGX30 ended flat at 27,227

BAHRAIN BHBX ended flat at 2,016

OMAN (.MSX30) added 0.6% to 4,807

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