By Md Manzer Hussain
Jan 30(Reuters) - Most Gulf stock markets closed lower
on Monday,tracking global peers, as looming interest rate hikes
by major central banks including the U.S. Federal Reserve weigh
on investor sentiments, while Abu Dhabi bucked the trend.
Investors expect the Fed will raise rates by 25 basis points
on Wednesday, and any deviation from that script would be a real
shock.
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.
The benchmark index in Saudi Arabia lost 0.3%,
ending its seven sessions of gains. The index was weighed down
by losses in financial and material sector stocks, with Al Rajhi
Bank falling 0.4% and Riyad Bank dropping 1.9%.
Among other stocks, Saudi National Bank and Saudi
Basic Industries fell 2.% and 0.6% respectively.
In Abu Dhabi, the index ended 0.7% higher after
tumbling more than 3% to hit a six-month low.
The index was lifted by a 4.2% gain in integrated utility
firm Abu Dhabi National Energy and a 5.2% rise in
telecoms provider Emirates Telecommunications .
While conglomerate International Holding Company recovered its early losses and ended flat, its subsidiaries
Alpha Dhabi Holding and Multiply Group recouped only partially, closing lower 2.9% and
4.2% respectively after they both plunged 10%.
Separately, IHC said on Monday it will invest 1.4 billion
dirhams ($381.17 million) in India's Adani Enterprises' follow-on public offer.
Dubai's benchmark index lost 0.8%, hurt by a
decline in industrial and heavyweight real estate sectors with
Emaar Properties falling 2.1%, and toll operator Salik declining 3.1%.
The Qatari Stock index fell 0.3%, with most of its
constituent stocks were in negative territory.
The Gulf's biggest lender, Qatar National Bank ,
fell 0.5% and Masraf Al Rayan dropped 5.1% on weak
earnings.
The lender posted a more than 22% slump in full-year net
profit.
Outside the Gulf, Egypt's blue-chip index declined
2.2%, snapping its 12-session rally. The index was dragged down
by losses in almost all its constituent stocks.
Telecom Egypt dropped 7.1% and Talaat Mostafa and
EFG Hermes declined 3.3% and 2.9% respectively.
SAUDI ARABIA fell 0.3% to 10,811
QATAR lost 0.3% to 11,123
EGYPT dropped 2.2% to 17,027
BAHRAIN flat 0.04% at 1,931
OMAN lost 0.3% to 4,750
KUWAIT fell 0.7% to 8,084
ABU DHABI rose 0.7% to 9,802
DUBAI lost 0.8% to 3,303
(Reporting by Md Manzer Hussain; Editing by Maju Samuel)
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