Skip to main content

Gulf bourses drop ahead of US inflation data; Egypt extends losses

1 min Mena Today

Stock markets in the Gulf declined on Thursday, as investors awaited key inflation data due on Friday to assess the likely path of interest rates from the U.S. Federal Reserve.

The crucial February reading of the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, is due on Friday © Mena Today 

The crucial February reading of the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, is due on Friday © Mena Today 

Stock markets in the Gulf declined on Thursday, as investors awaited key inflation data due on Friday to assess the likely path of interest rates from the U.S. Federal Reserve.

Saudi Arabia's benchmark index fell 0.3% with most sectors in the red and logged a 2.1% loss for the week.

Al Rajhi Bank, the world's largest Islamic lender, slipped 1.4% and Saudi Research and Media Group slumped 10%, the steepest drop in more than six years after the media firm posted a 15.9% decrease in annual net profit.

However, Saudi National Bank climbed 4.9%, the sharpest rise since early January, after the kingdom's largest lender has appointed a new chief executive in place of the acting CEO.

The Qatari benchmark index was down 0.1%, weighed down by losses in energy, finance, real estate and industry sectors with Qatar Navigation sliding 2.3% and Qatar International Islamic Bank dropping 1.4%.

In Abu Dhabi, the benchmark index slid for a fourth straight session and ended 0.1% lower, with Aldar Properties sliding 1.1% and First Abu Dhabi Bank, the UAE's largest lender, falling 0.6%.

Dubai's benchmark index was little changed as Commercial Bank of Dubai gained 4.4% and Dubai Financial Market added 3.5%.

The crucial February reading of the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, is due on Friday.

A hot reading for the PCE index could dent market optimism around early rate cuts.

By Md Manzer Hussain

Related

Saudi Arabia

Saudi Arabia condemns Israeli minister’s visit to Al-Aqsa compound

Saudi Arabia has strongly condemned the visit of Israeli National Security Minister Itamar Ben Gvir to the Al-Aqsa Mosque compound in East Jerusalem on Wednesday, calling it a provocation and denouncing what it referred to as “Israeli aggression” against the holy site.

Qatar

Cash for influence: Qatar buys its way into Netanyahu’s inner circle

Israel is reeling from a growing political scandal dubbed "Qatargate", involving close advisers to Prime Minister Benjamin Netanyahu, accused of accepting funds from Qatar — a nation that plays a dual role as mediator in the Israel-Hamas conflict and host to Hamas leadership.

United Arab Emirates

UAE sentences killers of Israeli-Moldovan citizen to death

The United Arab Emirates on Monday sentenced three people to death for the murder of an Israeli-Moldovan dual citizen who was killed in November in the Gulf country, state news agency WAM reported.

Subscribe to our newsletter

Mena banner 4

To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.

  • Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.