Market Recap: Mixed Results for Gulf Bourses as Egypt’s Stocks See Positive Momentum

Gulf – The Saudi Arabia benchmark index (.TASI) opens a new tab, closing 0.8 per cent higher, snapping the previous session of losses. All sectors are gaining ground.

Saudi Arabian media firm MBC Group (4072. SE) opened a new tab and opened 7.5 percent. SAL Saudi Logistics Services Co (4263. SE) and opened a new tab increased by 4.4 per cent.

The world’s most prominent Islamic loan provider, Al Rajhi Bank (1120. SE) has opened new tabs up 3.4 per cent, the most significant rise since December

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The Qatari index (.QSI) is open in a new tab and fell slightly to trade at a flat level. The losses in finance, energy and communications offset gains in the industry and utilities.

Commercial Bank (COMB.QA) opened a new tab, and Qatar Gas Transport (QGTS.QA) has opened a new tab reduced by 1.3 per cent, respectively. Industries Qatar (IQCD.QA) opens a new tab, and Qatar Electricity and Water (QEWC.QA) opens the new tab, each adding 0.6 per cent.

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It was reported that U.S. Commerce Department data revealed that U.S. price pressures moderated this Friday in December. Markets are looking forward to the information that can keep the Fed in line to begin cutting rates by the middle of the year.

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The majority of Gulf currencies are linked to the dollar. Saudi Arabia, the United Arab Emirates and Qatar usually mimic any economic policy shift in the United States.

Outside of the Gulf, the blue-chip index of Egypt (.EGX30) is open for a new tab gained for the second consecutive session and closed 3.5 per cent higher. This was aided by gains in the majority of stocks. This included Commercial International Bank (COMI.CA) and its new tab, which is climbing 2.4 per cent. Sidi Kerrie (SKPC.CA) opens a new tab, soaring at 16.9 per cent.

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  •  (.TASI) rose 0.8 per cent to 12,264
  •  (.QSI) ended with a flat 10,347
  •  (.EGX30) up 3.5% to 28,626
  •  (.BAX) was up 0.2% to 2,017
  • OMAN
  •  (.MSX30) lost 0.3 per cent to the number of 4,596
  •  (.BKP) fell 0.2 per cent to 8,050

 Reporting by Md Manzer Hussain Editing by Bernadette Baum

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