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GCC stock markets rise on US inflation data, boosting interest rate cut hopes
(MENAFN) On Wednesday, Gulf stock markets posted gains, reflecting a positive shift in global equities driven by US producer price data that suggested a slowdown in inflation. This data has heightened expectations for a potential cut in US interest rates. Market participants are currently anticipating a 51.5 percent chance that the Federal Reserve will reduce interest rates by 50 basis points at its upcoming September meeting, as opposed to a 48.5 percent probability for a 25 basis point cut.
In Dubai, the index increased by 0.7 percent, buoyed by improvements across various sectors. Notably, Emirates NBD saw a rise of 2.1 percent, and Salik gained 1.5 percent. Salik’s performance was further supported by its recent announcement of cash dividends amounting to its entire net profits for the first half of the year, equivalent to 7.263 fils per share after tax deductions.
The Abu Dhabi index rebounded by 0.6 percent following two days of losses. Key contributors to this recovery included International Holdings, which rose by 1 percent, and Abu Dhabi National Energy Co (TAQA), which saw a 1.5 percent increase alongside a 17.7 percent rise in quarterly net profit. Meanwhile, Saudi Arabia's index advanced for the second consecutive session, up 0.5 percent, with notable gains from Al-Taisir Group at 6.8 percent and Middle East Pharmaceutical Industries at 2.5 percent.
In Qatar, the index rose by 0.4 percent, supported by positive movements in the telecoms, finance, and materials sectors. Qatar National Bank improved by 1.9 percent, and telecoms firm Ooredoo increased by 3.9 percent. However, Qatar Navigation experienced a decline of 0.7 percent following a report of a minor drop in first-half net profit. In Egypt, the blue-chip index rose by 0.8 percent, with Commercial International Bank up by 1.2 percent and Misr Fertilizers Production Company (Mobco) surging by 10.3 percent after reporting a significant 200 percent increase in quarterly net profit.
In Dubai, the index increased by 0.7 percent, buoyed by improvements across various sectors. Notably, Emirates NBD saw a rise of 2.1 percent, and Salik gained 1.5 percent. Salik’s performance was further supported by its recent announcement of cash dividends amounting to its entire net profits for the first half of the year, equivalent to 7.263 fils per share after tax deductions.
The Abu Dhabi index rebounded by 0.6 percent following two days of losses. Key contributors to this recovery included International Holdings, which rose by 1 percent, and Abu Dhabi National Energy Co (TAQA), which saw a 1.5 percent increase alongside a 17.7 percent rise in quarterly net profit. Meanwhile, Saudi Arabia's index advanced for the second consecutive session, up 0.5 percent, with notable gains from Al-Taisir Group at 6.8 percent and Middle East Pharmaceutical Industries at 2.5 percent.
In Qatar, the index rose by 0.4 percent, supported by positive movements in the telecoms, finance, and materials sectors. Qatar National Bank improved by 1.9 percent, and telecoms firm Ooredoo increased by 3.9 percent. However, Qatar Navigation experienced a decline of 0.7 percent following a report of a minor drop in first-half net profit. In Egypt, the blue-chip index rose by 0.8 percent, with Commercial International Bank up by 1.2 percent and Misr Fertilizers Production Company (Mobco) surging by 10.3 percent after reporting a significant 200 percent increase in quarterly net profit.
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