Mideast Stocks: Most Gulf markets ease on earnings, US-China talks, Fed policy in focus
Most stock markets in the Gulf closed lower on Wednesday following a string of lacklustre corporate earnings, while focus was also on U.S.-China trade negotiations and the Federal Reserve's policy decision.
Saudi Arabia's benchmark index fell 0.3%, weighed down by a 1% fall in Al Rajhi Bank and an 8.3% plunge in Mobile Telecommunications Company. The telecom firm missed analysts' first-quarter profit estimates.
Savola Group Company tumbled more than 7%, following a sharp decline in quarterly profit. Elsewhere, Leejam Sports Company dived 10% - to its daily maximum limit - after reporting about a 25% drop in first-quarter profit.
Dubai's main share index declined 0.3%, with blue-chip developer Emaar Properties losing 1.5%. In Abu Dhabi, the index eased 0.1%. The Fed will announce its policy decision later in the day. Expectations for cuts were dialled down after relatively solid U.S. labour data last week.
Markets imply nearly no chance of a move on Wednesday and only a 33% chance of a cut in June, down from 64% a month ago. The Fed's decision affects monetary policy in the Gulf where most currencies, including the Saudi riyal, are pegged to the U.S. dollar.
The Qatari index was down 0.1%, with Qatar Islamic Bank losing 1.4%. Meanwhile, U.S. Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet China's economic tsar He Lifeng in Switzerland this weekend for talks that could be the first step toward resolving a trade war disrupting the global economy.
Outside the Gulf, Egypt's blue-chip index declined 1.4%, as most of its constituents were in negative territory, including Commercial International Bank, which was down 2.3%. Egypt's non-oil private sector economy contracted further in April after a decline in domestic and foreign demand caused new orders and output to fall for a second month, according to a survey released on Tuesday.
SAUDI ARABIA fell 0.3% to 11,399
Abu Dhabi down 0.1% to 9,611
Dubai lost 0.3% to 5,338
QATAR eased 0.1% to 10,479
EGYPT down 1.4% to 31,840
BAHRAIN added 0.2% to 1,912
OMAN rose 0.3% to 4,353
KUWAIT added 0.4% to 8,666
(Reporting by Ateeq Shariff in Bengaluru; Editing by Shreya Biswas)
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