Mideast Stocks: Gulf shares rise on Fed easing hopes; Egypt hits record high
Markets are now pricing in a 94% chance of a September rate cut, up from a 63% probability from before the data, according to CME's FedWatch Tool. The Fed's decisions have a significant impact on the Gulf region's monetary policy, as most currencies there are pegged to the U.S. dollar.
The Qatari benchmark share index advanced 0.9% to 11,284, its highest level in more than 2-1/2 years with all stocks barring one in positive territory. Shares in Qatar National Bank, the region's largest lender, gained 1.2% while telecom services provider Ooredoo climbed 3.5%.
Dubai's benchmark stock index was up 0.7%, with all of its constituents rising. Emirates NBD, the emirate's largest lender, rose 1.9% and tolls operator Salik Company added 1.6%. Elsewhere, Dubai's non-oil sector showed a solid recovery, with its PMI rising to 53.5 in July from 51.8 in June, driven by a sharper improvement in sales volumes.
Saudi Arabia's benchmark stock index was up 0.8%, lifted by a 3.1% rise in Saudi Basic Industries while ADES Holding surged 10%, its highest intraday percentage gain since listing in 2023. Oil drilling group ADES has agreed to buy Oslo-listed rival Shelf Drilling for 3.9 billion Norwegian crowns ($379 million) in cash. Among other gainers, Lumi Rental rose 3.5% after the auto rental firm posted a 17.8% increase in second quarter net profit. The Abu Dhabi benchmark index was up 0.3% after two straight sessions of losses. First Abu Dhabi Bank, the UAE's largest bank, gained 2% and ADNOC Logistics added 1.1%.
Outside the Gulf, Egypt's blue-chip index advanced for a fourth day and rose 1.6% to hit a record high at 35,254. Eastern Company soared 5.5% and Talaat Moustafa Group gained 0.7%. Meanwhile, Egypt's non-oil private sector showed signs of stabilisation in July, with employment rising for the first time in nine months and a softer decline in output and new orders, S&P Global Egypt PMI report said.
SAUDI ARABIA up 0.8% to 10,922
KUWAIT gained 0.5% to 9,247
QATAR rose 0.9% to 11,284
EGYPT up 1.6% to 35,254
BAHRAIN fell 0.1% to 1,947
OMAN up 0.4% to 4,817
ABU DHABI rose 0.3% to 10,331
DUBAI gained 0.7% to 6,166
(Reporting by Md Manzer Hussain; Editing by Emelia Sithole-Matarise)
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