Most Gulf markets fall on Fed rate cut concerns By Reuters
By Md Manzer Hussain
(Reuters) – Most Gulf stock markets fell on Sunday after U.S financial info and feedback from Federal Reserve officials pointed to a slower trudge of hobby-payment cuts.
Investors increased bets on the Fed leaving hobby rates unchanged at its December assembly and dialled assist expectations for relieving in 2025.
The Fed’s decisions accept a fundamental affect on monetary coverage in the Gulf as plenty of the direct’s currencies are pegged to the U.S. greenback.
The Qatari benchmark index slipped 0.4%, with nearly about all of its constituents falling, led by the finance, conversation and vitality sectors.
Qatar Nationwide Monetary institution, the direct’s largest lender, lost 1.4% and Qatar Navigation became down 1.1%.
Saudi Arabia’s benchmark index snapped three sessions of losses, edging up 0.2% helped by positive aspects in the IT, utilities, staunch property, industry, healthcare and insurance coverage sectors.
Medgulf (TADAWUL:) rose 10% for its greatest on a traditional foundation originate in bigger than six months. The insurer stated in an announcement to the Saudi Alternate that it had got a circular from the Insurance coverage Authority on a brand recent mechanism for allocating reinsurance premiums to the local market.
All bar two insurance coverage stocks closed better with Al Rajhi Firm For Cooperative Insurance coverage up 3.9%, and Saudi Reinsurance gaining 6.9%.
Saudi Re stated in an announcement that the recent mechanism would abet amplify Saudi reinsurance revenue by extra then 5% from 2023.
Outside the Gulf, Egypt’s blue-chip index reversed the old session’s originate with a 0.7% topple, with most sectors in the red. Telecom (BCBA:) Egypt lost 2.6% after it reported a 13% decrease in quarterly secure revenue on Thursday.
Nonetheless, Juhayna Food won 3.7% after it posted around a 200% soar in third quarter secure revenue.
SAUDI ARABIA rose 0.2% to 11,812
KUWAIT became up 0.2% to 7,849
QATAR lost 0.4% to 10,411
EGYPT dropped 0.7% to 31,252
BAHRAIN ended flat to 2,053
OMAN became down 0.4% to 4,626