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MIDEAST STOCKS-Gulf bourses mixed ahead of Fed meeting; Egypt stocks rally
Tadawul All Shares Index TASI.SA | 10452.91 | -1.30% |
By Md Manzer Hussain
Sept 15 (Reuters) - Gulf equities put in a mixed performance on Monday as higher oil prices lent some support, but investors stayed cautious ahead of U.S. Federal Reserve's policy meeting later this week.
Crude prices, a catalyst for the Gulf's financial markets, rose, with Brent LCOc1 up 0.3% to $67.15 a barrel by 1250 GMT, underpinned by disruption risks from Ukrainian attacks on Russian energy facilities.
Dubai's benchmark stock index .DFMGI edged 0.2% higher, extending its gain to a third consecutive session, supported by a 6.9% rise in Gulf Navigation GNAV.DU and a 2.4% advance in the emirate's largest lender, Emirates NBDENBD.DU.
The Abu Dhabi benchmark index .FTFADGI was up for a third straight day, climbing 0.2%. Abu Dhabi Commercial Bank ADCB.AD rose 4% and Abu Dhabi Islamic Bank ADIB.AD added 2.3%, while Aldar Properties ALDAR.AD lost 1.1%. Blue-chip developer Aldar said it has sold Al Deem townhomes, generating over 1.8 billion dirhams ($490.09 million).
Saudi Arabia's benchmark stock index .TASI was down for a fourth day, falling 0.1% to 10,427, its lowest level in nearly two years. Etihad Etisalat 7020.SE dropped 2% and Al Rajhi Bank1120.SE slipped 2.1%. World's largest Islamic lender, Al Rajhi, declared an interim cash dividend of SAR 0.75 per share, 40% lower from a year earlier.
Fawaz Abdulaziz Al Hokair & Co 4240.SE soared 10%, its biggest intraday percentage gain in over two months. The retailer said on Sunday it has signed a 1.60 billion riyals ($426.53 million)banking facility agreement with Emirates NBD Bank – Kingdom of Saudi Arabia to prepay debts.
The Qatari benchmark index .QSI eased 0.3% after two straight session of gains. Industries Qatar IQCD.QA slipped 1.7% and telecom firm Ooredoo ORDS.QA dropped 1.1%.
Markets expect a quarter-point cut from the Fed, which would take its key funds rate to 4.0%-4.25%. Investors will also parse Fed members' "dot plot" projections for rates and guidance from Chair Jerome Powell.
Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
Outside the Gulf, Egypt's blue-chip index .EGX30 rose for a fourth consecutive session, and was up 0.2%. Commercial International Bank COMI.CA advanced 1.5% and Arabian Cement ARCC.CA gained 3.4%.
SAUDI ARABIA |
.TASI down 0.1% to 10,427 |
KUWAIT |
.BKP added 0.3% to 9,444 |
QATAR |
.QSI fell 0.3% to 11,100 |
EGYPT |
.EGX30 gained 0.2% to 35,166 |
BAHRAIN |
.BAX lost 0.3% to 1,936 |
OMAN |
.MSX30 down 0.1% to 5,090 |
ABU DHABI |
.FTFADGI rose 0.2% to 10,036 |
DUBAI |
.DFMGI added 0.2% to 6,041 |
($1 = 3.6728 UAE dirham)
(Reporting by Md Manzer Hussain; Editing by Sahal Muhammed)
((mdmanzer.hussain@thomsonreuters.com; +91 8067498453;))


