off-the-wire

MIDEAST STOCKS-Qatar leads Gulf bourses higher on hopes of Fed rate pause

Kitco Media
By Reuters
Published:
Updated:
Reuters
By Md Manzer Hussain March 26 (Reuters) - Qatar's stock market closed higher on Sunday, outperforming other bourses in the Gulf region, as expectations of a pause in rate hikes by the U.S. Federal Reserve lifted investor sentiment. The Fed raised its main interest rate by a quarter point on Wednesday, but signaled it would consider a pause in light of banking system stresses. Most Gulf central banks lifted their rates by a quarter percentage point on Wednesday, mirroring the Fed's rate hike as their currencies are largely pegged to the dollar. The Qatari Stock index climbed 1.2%, extending its rally to a third straight session. The index recorded an advance in all sectors, with the Gulf's biggest lender Qatar National Bank rising 3.1% and Qatar Islamic Bank adding 2.7%. Among other gainers, Ooredoo and Qatar Fuel rose 2.7% and 1.7% respectively. Saudi Arabia's benchmark index rose 0.1%, supported by gains in materials and communications sectors stocks.


Shares in Mobile Telecommunications shot up 9.8%, its sharpest intraday rise since October 2020, after the telecom services provider reported a more than 157% jump in full- year net profit. Steel pipes maker Arabian Pipes soared 9.5%, its highest daily rise since Nov. 10, 2021, after it posted a full- year net profit of 8.9 million riyals, compared with a loss of 60.1 million a year earlier.


Outside the Gulf, Egypt's blue-chip index climbed 2.3%, extending its previous session gains.


The index was lifted up by a 15.1% jump in Sidi Kerir and a 7% rise in Fawry Banking . Among other gainers, Alexandria Mineral Oils and Eastern Co jumped 9.8% and 3.9% respectively. Eastern, a manufacturer of tobacco products, announced on Sunday a revision in prices of its products. SAUDI ARABIA rose 0.1% to 10,459 QATAR added 1.2% to 10,126 EGYPT surged 2.3% to 15,898 BAHRAIN lost 0.3% at 1,893 OMAN fell 0.5% to 4,844 KUWAIT lost 0.3% to 7,786


(Reporting by Md Manzer Hussain; Editing by David Holmes)

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