(MENAFN) In early Tuesday trading, Gulf stock exchanges witnessed a mixed performance as investors deliberated over the potential trajectory of interest rates set by the Federal Reserve, the central bank of the United States, in anticipation of crucial inflation data slated for release later in the week.
The Saudi Stock Exchange index saw a modest uptick of 0.2 percent, buoyed by gains across most sectors. Notably, shares of First Saudi Bank surged by 1.5 percent, while Mouwasat Medical Services experienced a notable 6 percent increase. Seera Group shares also emerged as winners, marking a substantial 4.3 percent jump, marking its highest daily surge in over two months.
Seera Group, operating within the hospitality and travel services sector, reported a significant turnaround in its financial performance, boasting a net profit of 265 million riyals (USD70.66 million) for the full year. This marked a stark contrast from the 46 million riyals loss recorded a year earlier, with the company attributing its success to robust booking volumes and revenue growth.
Meanwhile, in Abu Dhabi, the stock index edged up by 0.1 percent, with support stemming from a 1.5 percent uptick in Abu Dhabi National Energy Company (TAQA) shares, alongside a 0.7 percent rise in First Abu Dhabi Bank shares. These gains underscored a degree of resilience in the Abu Dhabi market amidst broader market fluctuations and uncertainties surrounding global monetary policy directions. Investors continue to closely monitor developments from the Federal Reserve and upcoming economic indicators for insights into future market movements.
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