Most stock markets in the Gulf ended lower yesterday as investors waited for US Fed Chair Jerome Powell’s congressional testimony for further clues on the central bank’s monetary policy.
Powell is set to testify before lawmakers tomorrow and Thursday, with analysts assuming the Fed chief to stay in wait-and-watch mode on policy after a recent escalation in inflation.
Most Gulf currencies are pegged to the dollar, and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the UAE and Qatar.
Saudi Arabia’s benchmark index was down for a second straight session ending 1 per cent lower, the sharpest drop in over a month with most sectors in the red.
Al Rajhi Bank, the world’s largest Islamic lender slipped 1.5pc and Saudi National Bank, kingdom’s biggest lender declined 3.2pc.
Dubai’s benchmark index dropped 0.7pc, with Commercial Bank of Dubai sinking 9.9pc and Mashreqbank declining 3.4pc.
However, the tolls operator Salik rose 2pc after it declared half-year cash dividend of 7.3338 fils per share and said it expected FY 2024 EBITDA margin in the range of 65pc-66pc.
The Qatari benchmark index dipped slightly to trade flat with Qatar National Bank, the region’s largest lender sliding 1.4pc while Industries Qatar gained 0.2pc.
In Abu Dhabi, the benchmark index was up for a second straight session, ending 0.1pc higher, supported by a 1.1pc gain in National Marine Dredging and 2.4pc rise in Adnoc Drilling.
Outside the Gulf, Egypt’s blue-chip index climbed 5.1pc, the highest rise in nearly a year with most stocks in the positive territory.