In Abu Dhabi, the index fell 0.6%, after gaining
in the previous session, dragged down by a 1.7% drop in
blue-chip property developer Aldar Properties and a
2% decline in conglomerate Alpha Dhabi Holding .
First Abu Dhabi Bank , the largest lender in the
United Arab Emirates, slumped 2% and Multiply Group lost 2.6%.
Abu Dhabi-based investment company Multiply shareholders on
Thursday approved that no dividend would be distributed for
2022.
"With interest rates expected to go higher this year, the
tighter monetary policy could have a stronger impact on stock
markets and on oil demand in the US and Europe," said Farah
Mourad, Senior Market Analyst of XTB MENA.
"However, improvements in the Chinese economy and changes in
monetary policy could alleviate these pressures".
The benchmark index in Saudi Arabia ended 0.9%
higher, extending previous session's gains. The index was lifted
by gains in almost all sectors with world's largest Islamic bank
Al Rajhi Bank surging 1.2% and oil giant Saudi Aramco climbing 1.4%.
The Qatari index edged up 0.3%, extending its
three-session rally with finance and industry sectors witnessing
gains, while the energy and materials were in the red.
The region's largest lender, Qatar National Bank ,
added 0.7% and conglomerate Industries Qatar gained
0.9%.
Qatar Gas Transport and Mesaieed Petro lost 0.7% and 0.8%, respectively.
Outside the Gulf, Egypt's blue-chip index surged
2.4%, after declining in the previous session, with all sectors
in the positive territory.
Commercial International Bank and Egypt Kuwait
Holding climbed 2.3% and 10%, respectively.
Meanwhile, the World Bank said on Wednesday it had approved a
new $7 billion partnership agreement with Egypt for 2023-2027.
SAUDI ARABIA rose 0.9% to 10,446
KUWAIT lost 0.3% to 7,812
QATAR added 0.3% at 10,006
EGYPT rose 2.4% to 15,625
BAHRAIN lost 0.2% to 1,899
OMAN fell 0.5% to 4,871
ABU DHABI lost 0.6% to 9,550
DUBAI fell 0.9% at 3,364
(Reporting by Md Manzer Hussain Editing by Vinay Dwivedi)
Messaging: MdManzer.Hussain@thomsonreuters.com))