Mideast Stocks: Most Gulf shares gain on Fed easing bets; Egypt on winning streak
According to the CME FedWatch tool, the odds for a cut now stand at about 80%, up from 63.1% a week ago. Interest rate moves by the Fed have a significant impact on the Gulf region's monetary policy because most of its currencies are pegged to the U.S. dollar.
The Qatari benchmark index rose 0.1%, with most stocks posting gains. The leading gainers included Commercial Bank, which rose 0.9%, and Qatar Electricity and Water with a 1% rise. Late on Sunday, Qatar's main electricity and desalinated water supplier QEWC reported a 2.7% increase in half-year net profit.
Dubai's benchmark stock index gained 0.2% after two consecutive session of losses, supported by industry, utilities and finance sector shares. Tolls operator Salik gained 1% and Gulf Navigation Holding rose for a second day, ending 5.2% higher. The maritime and shipping firm said last week it had raised its foreign ownership limit to 100% from 49%.
Saudi Arabia's benchmark stock index snapped the previous session's losses and edged up 0.1%. ACWA Power advanced 3.1% and Saudi Arabian Mining added 2.2%. However, Nice One Beauty Digital Marketing slumped 10% after the e-commerce company posted a quarterly net loss compared to a net profit a year earlier.
Among other losers, oil giant Saudi Aramco shed 0.4% ahead of its earnings announcement on Tuesday. Elsewhere, oil prices - a catalyst for the Gulf's financial markets - fell to their lowest in a week after OPEC+ agreed to another large output increase in September. Brent was down 2.3% at $68.06 a barrel by 1310 GMT.
The Abu Dhabi benchmark index fell for the second straight session, slipping 0.2% with most sectors in the red. ADNOC Drilling lost 1% and Abu Dhabi Aviation dropped 1.4%. The diversified aviation services provider, ADA posted a 79% decrease in quarterly net profit attributable to shareholders.
Outside the Gulf, Egypt's blue-chip index advanced for a third day and rose 1.3%, lifted by a 4.9% increase in Qala Holdings and 2.2% gain in Commercial International Bank. SAUDI ARABIA up 0.1% to 10,839
KUWAIT lost 0.6% to 9,198
QATAR rose 0.1% to 11,180
EGYPT up 1.3% to 34,705
BAHRAIN fell 0.1% to 1,949
OMAN up 0.6% to 4,800
ABU DHABI down 0.2% to 10,299
DUBAI gained 0.2% to 6,126
(Reporting by Md Manzer Hussain; Editing by Helen Popper)
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