Arab Press

بالشعب و للشعب
Wednesday, Sep 28, 2022

Most major Gulf bourses ease on growth worries

Most major Gulf bourses ease on growth worries

Most major stock markets in the Gulf fell on Monday on concerns that inflation-busting interest-rate hikes in the United States and Europe will weaken the global economy.

U.S. Federal Reserve Chair Jerome Powell headlines a host of policymakers at a symposium in Jackson Hole, Wyoming later in the week, with expectations growing of further rate hikes rather than a pivot to a more dovish policy.

A Reuters poll of economists forecast the Fed will raise rates by 50 basis points in September, with the risks skewed towards a higher peak.

The Qatari benchmark index (.QSI) dropped 1.2% with most of its stocks in negative territory including Qatar Islamic Bank (QISB.QA), which was down 1.4%.

Dubai's main share index (.DFMGI) finished 0.3% lower, hit by a 1.2% fall in blue-chip developer Emaar Properties (EMAR.DU).

Emaar Properties said on Saturday it is selling fashion e-commerce venture Namshi to Noon, an e-commerce company backed by Dubai billionaire Mohamed Alabbar and Saudi Arabian sovereign fund the Public Investment Fund (PIF).

Emaar said in a bourse filing its board has in principle approved the sale, which values Namshi at $335.2 million, as a divestment to a related party.

In Abu Dhabi, the index (.FTFADGI) fell 0.4%, with telecoms firm e& (ETISALAT.AD), formerly known as Emirates Telecommunications Group, dropping 1%.

Saudi Arabia's benchmark index (.TASI) reversed early losses to edge 0.1% higher, helped by a 0.9% rise in Al Rajhi Bank (1120.SE).

However, the index's gains were limited by a 1.2% fall in Saudi Aramco (2222.SE) as the oil giant went ex-dividend.

Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 0.9%, with top lender Commercial International Bank (COMI.CA) retreating 2.1%.

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