By Mohd Edrees
Feb 9 (Reuters) - Saudi and Qatar stock markets fell on
Thursday as expectations of higher interest rates in the United
States dampened investor sentiment, while the Egyptian index
outperformed the region on government plans to sell stakes in 32
firms over the next year.
Federal Reserve officials on Wednesday said interest rates
are set to go higher as the U.S. central bank presses forward
with its efforts to cool inflation.
Saudi Arabia's benchmark stock index fell 0.9%,
dragged down by losses in the materials and banking sectors.
The world's largest Islamic lender, Al Rajhi Bank dropped 1.8%, while Dr Sulaiman Al-Habib Medical Services fell 1.2%.
The Qatari stock market settled 0.7% lower around a
two-year low, extending losses as natural gas prices fell.
The Gulf's largest lender Qatar National Bank dropped 2.8%, while Fuel retailer Qatar Fuel was down
2.1%.
Egypt's blue-chip index surged 3.9% to hit a more
than 4-year high after the government announced plans to sell
stakes in 32 companies by the end of the first quarter of 2024.
Ahmed Negm, Head of Market Research MENA at XS.com, said the
sales could help attract large numbers of foreign investors and
help keep the main index at elevated levels.
Gains in utilities and banking sector stocks lifted Dubai's
main index by 0.8%.
State-run utility firm Dubai Electricity and Water Authority jumped 2.1% after reporting a 22% rise in full year
net profit to 8 billion dirhams ($2.18 billion), beating market
estimates of 7.44 billion dirhams.
Abu Dhabi's benchmark index edged up 0.1% as it
recovered from early losses helped by a 1.5% rise in
Conglomerate Alpha Dhabi Holding UAE's largest lender First Abu Dhabi Bank reversed
course to end 0.1% higher following media reports that the
lender could renew a potential offer for Britain's Standard
Chartered , once lock-up rules from its previous aborted
bid expire.
SAUDI ARABIA fell 0.9% to 10,412
ABU DHABI edged up 0.1% to 9,935
DUBAI leapt 0.8% at 3,446
QATAR lost 0.7% to 10,424
EGYPT 0.2% to 17,614
BAHRAIN edged 0.1% to 1,937
OMAN gained 0.1% at 4,769
KUWAIT dropped 0.4% to 8,201
($1 = 3.6730 UAE dirham)
(Reporting by Mohd Edrees in Bengaluru; Editing by Kirsten
Donovan)
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