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☆ Most Gulf markets gain on rising oil prices
▼ + stars: | 2023-11-19 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

REUTERS/Christopher Pike Acquire Licensing RightsNov 19 (Reuters) - Most stock markets in the Gulf ended higher on Sunday in response to Friday's rise in oil prices, with the Saudi index rising for a fourth consecutive session. Oil prices - often a catalyst for the Gulf's financial market - jumped more than 4% on Friday, rebounding from a 4-month low, with U.S. sanctions on some Russian oil shippers lending support. Saudi Arabia's benchmark index (.TASI) gained 0.5%, with oil giant Saudi Aramco (2222.SE) gaining 0.3% and the country's biggest lender Saudi National Bank (1180.SE) advancing 1.5%. In Qatar, the index (.QSI) closed 0.2% higher, helped by a 1% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA). Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2.1%, buoyed by a 3.8% jump in Commercial International Bank (CIB) (COMI.CA).

Persons: Joe Biden, Christopher Pike, Kristalina Georgieva, Ateeq, Alex Richardson Organizations: Dubai Financial, United Arab Emirates, REUTERS, Saudi, Saudi Aramco, Saudi National Bank, Qatar National Bank, Gulf Cooperation Council, U.S . Federal Reserve, International Bank, CIB, Egypt's, European Bank for Reconstruction, Monetary Fund, Reuters, Thomson Locations: Dubai, United Arab, Saudi, Qatar, Israel, Ateeq Shariff, Bengaluru

☆ Gulf bourses drop amid hawkish Fed tone, Mideast conflict
▼ + stars: | 2023-10-22 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

REUTERS/Hamad I Mohammed/File photo Acquire Licensing RightsOct 22 (Reuters) - Stock markets in the Gulf fell on Sunday amid warnings of possible further interest rate hikes from the U.S Federal Reserve, and worries of escalation in the Middle East conflict. Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policy decisions because most regional currencies are pegged to the U.S. dollar. Saudi Arabia's benchmark index (.TASI) was down for a third consecutive session, ending 1.5% lower, with all sectors in the red. Elm Company (7203.SE) dropped 2.3%, while Al Rajhi Bank (1120.SE), the world's largest Islamic bank by assets, slipped 2.1%. The Qatari index (.QSI) fell for a fifth straight session, ending 0.9% lower, with Industries Qatar (IQCD.QA) dropping 2.2% and Qatar Navigation (QNNC.QA) sliding 3%.

Persons: Joe Biden, Hamad I Mohammed, Jerome Powell, Talaat Mostafa, Md Manzer Hussain, David Holmes Organizations: Bahrain Bourse, U.S, REUTERS, Stock, U.S Federal Reserve, Gulf Cooperation Council, U.S ., Elm Company, Al Rajhi Bank, Industries Qatar, Qatar Navigation, Qatar National Bank, Eastern Co, Gaza, Thomson Locations: Bahrain, Manama, Saudi, Israel, Lebanon, Syria

☆ Saudi bourse tracks oil prices lower, Egypt extends losses
▼ + stars: | 2023-10-01 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018. REUTERS/Faisal Al Nasser/File Photo Acquire Licensing RightsOct 1 (Reuters) - Saudi Arabia's stock market ended lower on Sunday in response to Friday's fall in oil prices, while the Egyptian index extended loses on profit-taking. Saudi Arabia's benchmark index (.TASI) fell 0.1%, extending losses from the previous session, weighed down by a 0.9% fall in oil giant Saudi Aramco (2222.SE). Oil prices - a key catalyst for the Gulf's financial markets - settled 1% lower on Friday due to macroeconomic concerns and profit-taking. Saudi Arabia is expected to tap the international debt markets to finance a projected budget deficit in 2023-2024, the finance ministry said, against a backdrop of lower oil prices and the country's extended oil production cuts.

Persons: Faisal Al Nasser, Ateeq, David Holmes Organizations: REUTERS, Saudi, Saudi Aramco, Qatar National Bank, Qatar bourse, Banking, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Qatar, Ateeq Shariff, Bengaluru

☆ Gulf stocks mixed amid rate hike woes; Egypt outperforms
▼ + stars: | 2023-09-24 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +1 min

The Qatari benchmark stock index (.QSI) fell 0.3%, dragged down by almost all the sectors with financials leading the declines. Qatar National Bank (QNBK.QA), the Gulf's biggest lender, was down 0.7% while heavyweight Commercial Bank (COMB.QA) dropped 1.3%. Kuwait's premier market index (.BKP) fell 1.6%, its 7th consecutive session of losses, as most of its constituents were in negative territory. Outside the Gulf, Egypt's blue-chip index (.EGX30), closed up 0.6%, hitting an all-time high. Reporting by Shamsuddin Mohd in Bengaluru; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Shamsuddin, Emelia Sithole Organizations: Federal, Gulf Cooperation, greenback, Qatar National Bank, Commercial Bank, Chemical Industries, Misr Fertilizer, Stock, UAE bourse, Thomson Locations: Abu, Saudi Arabia, UAE, Bengaluru

☆ Major Gulf markets little changed ahead of Fed decision
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Christopher Pike Acquire Licensing RightsSept 20 (Reuters) - Major stock markets in the Gulf were little changed in early trade on Wednesday ahead of the U.S. Federal Reserve's interest rate decision. Investors are awaiting a raft of central bank interest rate decisions this week to assess the outlook for economic growth and fuel demand. The U.S. central bank is widely expected to keep interest rates on hold, but the focus will be on its projected policy path. The six-member Gulf Cooperation Council's monetary policy is usually guided by the Fed's decision as most regional currencies are pegged to the U.S. dollar. The Qatari benchmark (.QSI) rose 0.1%, helped by a 0.7% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA).

Persons: Joe Biden, Christopher Pike, Ateeq, Sohini Goswami Organizations: Dubai Financial, U.S, United Arab Emirates, REUTERS, Gulf Cooperation, U.S ., Development, Saudi Aramco, Qatar National Bank, Thomson Locations: Dubai, United Arab, U.S . Federal, U.S, Saudi, Dar Al Arkan, Yemen, Riyadh, Abu Dhabi, Ateeq Shariff, Bengaluru

☆ Major Gulf bourses fall amid China gloom
▼ + stars: | 2023-09-03 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +1 min

FILE PHOTO-Traders wait at the Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. The Qatari index (.QSI) fell for a third consecutive session, ending 0.1% lower, with most sectors in the red. Saudi Arabia's benchmark index (.TASI) was down 0.3%, with a 1.3% slump in oil giant Saudi Aramco (2222.SE). The world's biggest oil company is considering selling a stake worth as much as $50 billion, the Wall Street Journal reported on Friday. Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 0.8%, snapping its winning streak from the six previous sessions, with most sectors in the red.

Persons: Joe Biden, Hamad I Mohammed, Md Manzer Hussain, Hugh Lawson Organizations: Bahrain Bourse, U.S, REUTERS, Qatar National Bank, Commercial Bank, Saudi Aramco, Wall Street, Saudi Basic Industries, Saudi Iron and Steel Company, Public Investment Fund, International Bank, Thomson Locations: Bahrain, Manama, China, Saudi, El

☆ Qatar National Bank's Q2 profit falls 4%
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

DUBAI, July 10 (Reuters) - Qatar National Bank (QNBK.QA), the oil-rich Gulf's biggest lender by assets, reported on Monday a 4% drop in second-quarter net profit to 3.7 billion riyals ($1.02 billion). QNB missed analysts' mean estimate of 3.9 billion riyals net profit in the quarter, Refinitiv data showed. Net profit for the first half of the year was 7.6 billion riyals, up 8% from the first half of 2022. Loans and advances also rose 7% to 819 billion riyals. ($1 = 3.6440 Qatar riyals)Reporting by Yousef Saba, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: QNB, Yousef Saba, Louise Heavens Organizations: Qatar National Bank, Group, Thomson Locations: DUBAI, Qatar

☆ Gulf bourses end mixed on China growth concerns
▼ + stars: | 2023-06-20 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

China on Tuesday cut two benchmark lending rates by 10 basis points each. Dubai's benchmark index (.DFMGI) extended losses to a second straight session, ending 0.3% lower. Saudi Arabia's benchmark index (.TASI) inched up 0.1%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) rising 0.7% and Company for Cooperative Insurance (8010.SE) climbing 2.3%. "Oil prices remained volatile as Chinese economic recovery continues to fuel concerns among traders, affecting oil demand expectations," said Daniel Takieddine, CEO MENA at BDSwiss. Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.4%, extending previous session losses with financial and materials sectors trading in the red.

Persons: Dr Sulaiman Al, Daniel Takieddine, Brent, Md Manzer Hussain, Eileen Soreng Organizations: Emaar, Emirates Central Cooling Systems, Emirates, Qatar National Bank, Ezdan, Habib Medical Services, Company, Cooperative Insurance, Jamjoom Pharmaceuticals, Alpha, Commercial International Bank, Ezz, Thomson Locations: Dubai, Qatar, Saudi, Abu Dhabi, China, Beijing, Alpha Dhabi, Burjeel

☆ Qatar stock market ends lower, Egypt rises
▼ + stars: | 2023-06-18 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

The Qatari Stock index (.QSI) dropped 0.1%, extending its losses to a second session with Gulf's biggest lender Qatar National Bank (QNBK.QA) falling 0.2% and Qatar Islamic Bank (QISB.QA) shedding 1.1%. Among the losers, Lesha Bank (QFBQ.QA) and Dukhan Bank (DUBK.QA) lost 1.1% and 1.3% respectively. Saudi Arabia's benchmark index (.TASI) added marginally as losses in energy and financial sectors countered gains in most of the sectors. Dr Sulaiman Al-Habib Medical Services (4013.SE) climbed 2.5% and Mouwasat Medical Services (4002.SE) surged 6.1%. However, Riyad Bank (1010.SE) and the world's largest Islamic bank by assets Al Rajhi Bank (1120.SE) lost 2.1% and 0.7% respectively.

Persons: Christopher Waller, Dr Sulaiman Al, Md Manzer Hussain, David Evans Organizations: . Federal, United Arab, Qatar National Bank, Qatar Islamic Bank, Lesha Bank, Dukhan Bank, Habib Medical Services, Mouwasat Medical Services, Riyad Bank, Al Rajhi Bank, Co, International Finance Corporation, IFC, Thomson Locations: United States, Saudi Arabia, United Arab Emirates, Qatar, Saudi, El

☆ Major Gulf bourses end lower on falling oil prices
▼ + stars: | 2023-06-11 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +1 min

June 11 (Reuters) - Major stock markets in the Gulf ended lower on Sunday in response to falling oil prices and weaker-than-expected Chinese economic data. The Qatari Stock index (.QSI) dropped 0.5%, extending its losses to a second session. The index recorded a drop in all sectors with Gulf's biggest lender Qatar National Bank (QNBK.QA) falling 0.6% and Qatar International Islamic Bank (QIIB.QA) shedding 0.7%. However, the oil giant Saudi Aramco (2222.SE) and the kingdom's biggest bank Saudi National Bank (1180.SE) lost 0.3% and 0.9% respectively. Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 1.3%, extending its previous session gains.

Persons: Md Manzer Hussain, Ros Russell Organizations: Saudi, Gulf's, Qatar National Bank, Qatar International Islamic Bank, Bank Aljazira, Saudi Industrial Investment Group, Saudi Aramco, Saudi National Bank, Fawry Banking, Thomson Locations: Saudi

☆ Qatar leads Gulf bourses higher on hopes of Fed rate pause
▼ + stars: | 2023-03-26 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

March 26 (Reuters) - Qatar's stock market closed higher on Sunday, outperforming other bourses in the Gulf region, as expectations of a pause in rate hikes by the U.S. Federal Reserve lifted investor sentiment. The Fed raised its main interest rate by a quarter point on Wednesday, but signaled it would consider a pause in light of banking system stresses. The Qatari Stock index (.QSI) climbed 1.2%, extending its rally to a third straight session. The index recorded an advance in all sectors, with the Gulf's biggest lender Qatar National Bank (QNBK.QA) rising 3.1% and Qatar Islamic Bank (QISB.QA) adding 2.7%. The index was lifted up by a 15.1% jump in Sidi Kerir (SKPC.CA) and a 7% rise in Fawry Banking (FWRY.CA).

☆ Most Gulf markets rise in early trade; Fed meeting in focus
▼ + stars: | 2023-03-22 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

March 22(Reuters) - Most Stock markets in the Gulf rose in early trade on Wednesday, mirroring gains in global peers ahead of the U.S. Federal Reserve's interest rate decision, as worries on a banking crisis eased. The Qatari Stock index (.QSI) rose 0.7%, with gains in most sectors, led by finance and industry. The region's largest bank Qatar National Bank and Qatar International Islamic Bank gained 0.6% and 1.5% respectively, while conglomerate Industries Qatar climbed 2.9%. In Abu Dhabi, the benchmark stock index (.FTFADGI) was up 0.2%, aided by a 1.7% gain in Alpha Dhabi Holding and 0.9% rise in First Abu Dhabi Bank, the largest lender in the United Arab Emirates. Dubai's benchmark stock index (.DFMGI) fell 0.3% in early trade, weighed down by losses in finance and communication sectors, with Emaar Properties dropping 0.5% and Dubai Commercial Bank losing 2.1%.

☆ Major Gulf bourses drop on Fed's hawkish tone
▼ + stars: | 2023-02-23 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

Feb 23 (Reuters) - Major Gulf bourses closed lower on Thursday as investors remained cautious after the U.S. Federal Reserve's minutes from latest meeting reinforced a hawkish tone, although the Egyptian index bucked the trend. Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes. With steepest intraday decline since Jan. 17, the index witnessed losses in almost all sectors, led by financial and energy stocks. The gulf region's largest lender Qatar National Bank (QNBK.QA) declined 2.1% and Qatar Islamic Bank (QISB.QA) plunged 9.6%, the sharpest intraday slide since March 2020 as the stock traded ex-dividend. Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 1.4%, snapping its previous session losses.

☆ Saudi bourse falls on Fed worries; Qatar gains
▼ + stars: | 2023-02-19 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

Feb 19 (Reuters) - Saudi Arabia's stock market closed lower on Sunday after U.S. economic data stoked fears the Federal Reserve will act more aggressively to curb inflation. Most Gulf Cooperation Council countries, including Qatar, Saudi Arabia and the United Arab Emirates have their currencies pegged to the U.S. dollar and follow the Fed's policy moves closely, exposing the region to a direct impact from monetary tightening in the world's largest economy. The benchmark index (.TASI) in Saudi Arabia dropped 0.5%, dragged down by a 2.1% slide in Retal Urban Development Co (4322.SE) and a 0.9% decrease Al Rajhi Bank (1120.SE). In Qatar, the index (.QSI) bucked the trend to finish 0.7% higher, led by a 3.4% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA). ** Markets in Kuwait and Oman were closed for a holidayReporting by Ateeq Shariff in Bengaluru; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Arabian shares drop on lower oil prices; Egypt rises
▼ + stars: | 2023-02-05 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

Feb 5 (Reuters) - Saudi Arabian stock market closed lower on Sunday, in response to fall in oil prices on Friday amid concern about the European Union embargo on Russian refined products. Meanwhile, Saudi Arabia's Energy Minister warned on Saturday that sanctions and underinvestment in the energy sector could result in a shortage of energy supplies in future. The European Union has imposed a series of sanctions against Russia, reducing Russian energy exports. Saudi oil giant Aramco (2222.SE) sank 1.5%, while the world's largest Islamic bank by market capitalization, Al Rajhi Bank (1120.SE), dropped 1.9%. Qatar's stock index (.QSI) ended down 0.4%, with almost all its constituent stocks in negative territory.

☆ Gulf stocks rise on hope of slower Fed rate hikes
▼ + stars: | 2023-01-29 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

Jan 29 (Reuters) - Stock markets in the Gulf ended higher on Sunday after cooling U.S. inflation lifted expectations the Federal Reserve would slow its pace of interest rate hikes. Saudi Arabia's benchmark index (.TASI) rose 0.2%, supported by gains in financial and energy sector stocks. The Qatari Stock index (.QSI) rose 0.4%, with most of its constituent stocks in positive territory. The bank reported Tuesday a more than 22% rise in FY net profit, beating analyst's expectations. Outside the Gulf, Egypt's blue-chip index (.EGX30) surged 3.7%, its highest intraday rise since November.

☆ Major Gulf stocks rise on higher oil prices, China demand prospects
▼ + stars: | 2023-01-22 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +1 min

Jan 22 (Reuters) - Most major Gulf markets ended higher on Sunday, reflecting Friday's rise in oil prices driven by prospects that an upbeat economic growth outlook from China could signal increased fuel demand in the world's second-largest economy. Oil, which fuels the region's economies, settled up about $1 a barrel on Friday, with Brent crude at $87.63 a barrel, up $1.47 or 1.7%. Saudi Arabia's benchmark index (.TASI) rose 0.4%, supported by a 1.5% gain in luxury real estate developer Retal Urban Development (4322.SE) and a 0.8% rise in oil giant Aramco (2222.SE). Al Rajhi Bank (1120.SE), the world's largest Islamic bank by market capitalization, rose 0.5%. The Gulf's biggest lender Qatar National Bank (QNBK.QA) continued its rally with a 2.3% gain and Qatar Islamic Bank (QISB.QA) rose 1.3%.

☆ Gulf bourses wobble; Egypt edges up
▼ + stars: | 2023-01-15 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Jan 15 (Reuters) - Stock markets in the Gulf wobbled on Sunday with the Qatari index extending losses for a third session. Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States. Elsewhere, Saudi Arabian Mining Co (Ma'aden) (1211.SE), the Gulf's largest miner, retreated 1.2%, ending two sessions of gains. However, Qatar National Bank (QNB) (QNBK.QA), the Gulf's biggest bank by assets, gained 0.7%, ending three sessions of losses. Outside the Gulf, Egypt's blue-chip index (.EGX30) added 0.1%, helped by a 5.3% jump in El Sewedy Electric (SWDY.CA).

☆ Gulf shares start new year in upbeat mood, Egypt outperforms
▼ + stars: | 2023-01-02 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +3 min

Jan 2 (Reuters) - Most major Gulf equities got off to a good 2023 start on Monday, with Egypt outperforming regional peers, as investors shrugged off concerns about a potential recession, crude oil demand and the U.S. Fed hiking rates further. Crude prices, which are highly correlated with Gulf financial markets, swung wildly in 2022 and are expected to remain under pressure in 2023. Abu Dhabi's index (.FTFADGI) advanced 0.4% on Monday, bolstered by a 0.6% increase in the country's largest lender First Abu Dhabi Bank (FAB.AD). The Qatari index last year posted its first annual loss since 2017, dropping 8.1% in 2022. Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 2.5% higher, with Commercial International Bank Egypt (COMI.CA) climbing 3.1% while Abu Qir Fertilizers And Chemical Industries (ABUK.CA) was up 5.2%.

☆ Saudi leads fall in major Gulf markets amid Fed policy jitters
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +2 min

Dec 12 (Reuters) - Saudi Arabia's stock market dropped in early trade on Monday, leading declines in the Gulf region ahead of interest rate decision from the U.S. Federal Reserve. The Fed is widely expected to raise rates by 50 basis points at its last meeting of 2022 on Wednesday. Investors will also focus on the central bank's updated economic projections and Fed Chair Jerome Powell's press conference. Dubai's main share index (.DFMGI) fell 0.6%, hit by a 1.5% fall in top lender Emirates NBD (ENBD.DU). The Qatari index (.QSI) slipped 1.4%, as most of the stocks in the index were in neagtive territory including the Gulf's biggest lender Qatar National Bank (QNBK.QA), down 2.2%.

☆ Saudi bourse gains on rising oil prices; Egypt falls
▼ + stars: | 2022-11-06 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Nov 6 (Reuters) - Saudi Arabia's stock market ended higher on Sunday in response to Friday's sharp rise in oil prices, while the Egyptian index slipped into negative territory following a recent rally. The benchmark index (.TASI) in Saudi Arabia gained 0.7%, led by a 1.6% jump in oil giant Saudi Aramco (2222.SE) and a 0.5% increase in Al Rajhi Bank (1120.SE). In Qatar, the index (.QSI) finished 0.8% higher, with Qatar National Bank (QNBK.QA), the Gulf's biggest lender, rising 1.9%. The Qatari bourse recorded an increase with natural gas prices continuing their rebound, Daniel Takieddine, CEO MENA at BDSwiss. read moreQatar, which hosts the 2022 FIFA World Cup this month, is one of the world's largest exporters of natural gas and has benefited from huge windfalls from soaring global oil and gas prices.

☆ Emirates NBD sells $500 million in 5-year bonds
▼ + stars: | 2022-10-18 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

DUBAI, Oct 18 (Reuters) - Dubai's biggest bank Emirates NBD sold $500 million in five-year bonds in its first public debt sale of the year which received more than $1 billion in orders, a bank document showed on Tuesday. The bank tightened the final spread by 20 basis points to 155 bps over U.S. Treasuries for the bonds sale arranged by Abu Dhabi Commercial Bank, Barclays, Emirates NBD Capital, HSBC, SMBC and Standard Chartered Bank. The sale came as Saudi Arabia and Abu Dhabi sovereign wealth fund Mubadala also issued bonds on Tuesday. Emirates NBD, nearly 56% owned by the government's Investment Corporation of Dubai, last sold bonds in the public debt markets in May last year, raising $750 million with Additional Tier 1 bonds non-callable for six years after raising the same amount via five-year bonds in January 2021. Register now for FREE unlimited access to Reuters.com RegisterReporting by Yousef Saba; Editing by Clarence Fernandez and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Abu Dhabi outperforms Gulf markets, IHC at record peak
▼ + stars: | 2022-10-18 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Oct 18 (Reuters) - Abu Dhabi's stock market outperformed the Gulf region on Tuesday, buoyed by a surge in conglomerate International Holding Co (IHC) (<IHC.AD>), while the Egyptian index extended gains for a third session. The Abu Dhabi index (<.FTFADGI>) leapt 3%, its biggest intraday gain since May 2021, bolstered by a 8.3% jump in IHC. IHC, Abu Dhabi's most valuable listed company, is also seeking shareholder approval to increase the share capital to 2.19 billion dirhams ($596.26 million) from 1.82 billion dirhams. The Qatari index (<.QSI>) added 0.7%, led by a 1.8% gain in the Gulf's biggest lender Qatar National Bank (<QNBK.QA>). Outside the Gulf, Egypt's blue-chip index (<.EGX30>) was up 0.2%, extending gains for a third session.

☆ Abu Dhabi leads Gulf markets higher, conglomerate IHC soars
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

Oct 18 (Reuters) - Most stock markets in the Gulf rose in early trade on Tuesday, tracking strength in Asian shares and oil prices, with the Abu Dhabi index outperforming the region led by a surge in International Holding Co (IHC) (IHC.AD). Register now for FREE unlimited access to Reuters.com RegisterInternational Holding will acquire Infinity's shares in Alpha Dhabi Holding, Multiply Group and Al Seer Marine in exchange for issuing capital increase share in the company. Saudi Arabia's benchmark index (.TASI) advanced 1.5%, with Al Rajhi Bank (1120.SE) rising 2% and the kingdom's largest lender Saudi National Bank (1180.SE) climbing 3.4%. read moreDubai's main share index (.DFMGI) was up 0.4%, led by a 1.2% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU). MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 1.55%, as the dramatic U-turn in British fiscal policy bolstered investor sentiment.

☆ Most Gulf markets in red ahead of U.S. inflation data
▼ + stars: | 2022-10-13 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Oct 13 (Reuters) - Most stock markets in the Gulf ended lower on Thursday, ahead of U.S. inflation data which is likely to shape the size of the Federal Reserve's next interest rate hike. read moreThe Saudi market could continue seeing negative performances while oil markets continue to show downside risk, said Farah Mourad, senior market analyst of XTB MENA. In Abu Dhabi, the index (<.FTFADGI>) eased 0.4%, with the UAE's biggest lender First Abu Dhabi Bank (<FAB.AD>) falling 1.3%. Outside the Gulf, Egypt's blue-chip index (<.EGX30>) retreated 0.5%, ending two sessions of losses, helped by a 0.8% increase in top lender Commercial International Bank Egypt (<COMI.CA>). Register now for FREE unlimited access to Reuters.com RegisterReporting by Ateeq Shariff in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

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