Mideast Stocks: Gulf markets end muted; Qatar extends gain
Most stock markets in the Gulf were subdued on Thursday as investors turned cautious ahead of crucial U.S. job data this week for further clues on the timing of rate cuts by the Federal Reserve. Markets see a 70% chance of a September rate reduction, and have priced in about two cuts this year. Forecasters polled by Reuters also expect two cuts.
The U.S. non-farm payroll report for May due on Friday will provide more clues on the Fed's rate trajectory.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
The Abu Dhabi benchmark index eased 0.1%, after previous session gains. The conglomerate International Holding Co shed 0.3% and First Abu Dhabi Bank, the UAE's largest lender, slipped 1.2%. Dubai's benchmark index fell marginally with the bluechip developer Emaar Properties sliding 1.3%, and Taxi Company dropping 2.7%. Tolls operator Salik Company, however, gained 1.8%.
Saudi Arabia's benchmark stock index bounced back from two consecutive sessions of losses and rose 0.1%, supported by finance stocks. Al Rajhi Bank, the world's largest Islamic lender, rose 1.4% and Saudi Aramco added 0.4%.
Saudi Arabia's sale of shares in oil giant Aramco drew more demand than the stock on offer within hours of offer on Sunday. The banks on the deal will take orders through Thursday and will announce final price on Friday.
Among other gainers, shares of Miahona Holding, the water and wastewater infrastructure firm, jumped 29.91% to 14.94 riyals compared to its IPO price of 11.50 riyals per share in its market debut.
The Qatari benchmark index continued its upward trend for a sixth straight session, increasing by 0.4%, with broad sector gains. Qatar Islamic Bank added 0.7% and Qatar Fuel Co rose 1.4%.
Outside the Gulf, Egypt's bluechip index was down for a second straight session and ended 0.8% lower, with all sectors in the red. Eastern Company, the Egypt's largest cigarettes maker, slumped 22.1% and E-Finance for Digital declined 6.3%.
Saudi Cement Company announced cash dividends valued at SAR 191.25 million, representing 12.50% of the capital, for the first half (H1) of 2024.
The company will pay out a dividend of SAR 1.25 per share for 153 million eligible shares, according to a bourse disclosure.
Eligibility and payment dates for the H1-24 dividends will be 9 and 26 June 2024, respectively.
The board members of Saudi Cement approved the cash dividends during their meeting on 5 June.
In the first quarter (Q1) of 2024, the company’s net profits declined by 8.07% to SAR 113.80 million from SAR 123.80 million in Q1-23.
Earnings per share (EPS) dropped to SAR 0.74 as of 31 March 2024 from SAR 0.81 a year earlier, while the sales grew by 4.12% to SAR 426.50 million from SAR 409.60 million.
All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc.
After two consecutive bearish sessions, the stock market reversed course on Wednesday, posting a 0.62% gain to close at 9,509.26 points.
Trading activity was relatively robust, reaching TND 7.5 million, according to broker Tunisie Valeurs.
Lilas emerged as the most traded stock, capturing 34% of the total market volume. ESSOUKNA led the session's performance chart, with the real estate developer's stock appreciating by 4.4% to TND 1.410, albeit with minimal trading volume.
SITS was among the session's top gainers. The real estate developer's stock drew TND 370,000 in trading flow, advancing by 3.3% to TND 1.9.