Most of the Gulf stock exchanges closed higher yesterday, while the Qatar index fell as investor sentiment was dampened by expectations of a rate hike in the United States.
According to “Archyde.com”, the Qatari market closed down 0.7 percent, near its lowest level in two years, continuing to incur losses with the decline in natural gas prices.
Shares of Qatar National Bank, the largest lender in the Gulf, fell 2.8 percent, while Qatar Fuel Company for retail fuel services fell 2.1 percent.
In Dubai, the gains in the utilities and banking sectors raised the main index by 0.8 percent. Dubai Electricity and Water Authority (DEWA) jumped 2.1 percent after it announced a net profit for the full year of 2022 amounting to eight billion dirhams ($2.18 billion), up 22 percent from the previous year, exceeding market estimates of a profit of 7.44 billion dirhams.
The main index in Abu Dhabi rose 0.1 percent, while recovering from losses incurred earlier, supported by the 1.5 percent advance of “Alpha Abu Dhabi” Holding.
First Abu Dhabi Bank, the UAE’s largest lender, reversed course to close up 0.1 percent after media reports that the bank may renew a potential offer for Britain’s Standard Chartered once freeze rules linked to its unfinished previous offer expire.
The Kuwait index fell 0.4 percent to 8,201 points. The Bahrain index rose 0.07 percent to reach 1937 points, with the support of the financial sector. The Muscat index increased 0.05 percent, to close at 4,769 points.
In Cairo, the main index of the Egyptian Stock Exchange rose 3.9 percent, to its highest level in more than four years, after the government announced plans to sell stakes in 32 companies by the end of the first quarter of 2024.
Ahmed Negm, head of market research for the Middle East and North Africa at XS.com, said the sales could help attract large numbers of foreign investors and contribute to keeping the main index at high levels.