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Mideast Stocks: Gulf Markets Dip in Early Trade; Saudi Gains
2024-04-04

Mideast Stocks: Gulf Markets Dip in Early Trade; Saudi Gains

Most Gulf stock markets were down in early trade on Wednesday, as investors weighed chances that the U.S. Federal Reserve could delay cutting interest rates, while the Saudi index rose.

Recent solid U.S. economic reports have raised doubts about whether the Fed could deliver the three rate cuts outlined in its latest forecast.

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.

Dubai's benchmark stock index was down 0.2%, dragged down by a 0.5% dip in blue-chip developer Emaar Properties and a 4.2% drop in Commercial Bank of Dubai.

The Qatari benchmark index fell 0.2%, weighed down by losses in most sectors, with Commercial Bank slipping 3% and Qatar National Bank, the region's largest lender, shedding 0.4%.

In Abu Dhabi, the benchmark stock index was little changed with Aldar Properties falling 0.7% and conglomerate Alpha Dhabi Holding losing 0.3%, while Presight rose 6.2% and ADNOC Drilling gained 0.8%.

Saudi Arabia's benchmark stock index advanced 0.6%, supported by gains in almost all sectors with Rajhi Bank , the world's largest Islamic lender, rising 0.9% and Saudi National Bank, the kingdom's biggest lender, climbing 1.1%.

Among other gainers, Middle East Pharmaceutical and Saudi Telecom, the country's largest mobile operator, added 2.9% and 1%, respectively.
Source: ZAWYA