March 27 (Reuters) - Major Gulf markets opened mixed on
Monday, mirroring gains in oil prices as investors pin their
hopes on modest interest rate hikes amid governments' efforts to
soothe fears over the global banking system.
Most Gulf currencies are pegged to the U.S. dollar, with
Saudi Arabia, the United Arab Emirates and Qatar usually
mirroring monetary policy changes in the United States.
Oil prices - a key catalyst for Gulf financial markets -
rose on Monday, with Brent crude futures jumping 77
cents, or 1.03%, to $75.76 a barrel, as of 0731 GMT.
Saudi Arabia's benchmark stock index rose 0.5%, its
third positive day in a row, boosted by gains in almost all
sectors, led by financial and real estate stocks.
Saudi National Bank , the country's largest lender
by assets, jumped 1.9% as it appointed Chief Executive Saeed
Mohammed Al Ghamdi as the bank's chairman, replacing Abdul Wahed
Al Khudairy.
The board also appointed Talal Ahmed Al Khereiji as acting
CEO, with all changes effective March 27.
However, Sabic Agri-Nutrients , which was trading
ex-dividend, recorded its sharpest intraday decline in over
three years, falling more than 8%.
The Qatari Stock index edged up 0.1%, extending gains
to a fourth consecutive session, as most banking stocks were
trading in the positive territory.
Lender Masraf Al Rayan and index heavyweights
Qatar Commercial Bank advanced 1.4% and 0.8%,
respectively.
Dubai's benchmark stock index fell 0.8%, extending
losses to a second consecutive session, led by a 1.2% decline in
Emirates NBD Bank , UAE's largest lender, and a 0.8%
dip in Dubai Islamic Bank .
Abu Dhabi's benchmark index also opened down
0.5%, its third day in the red, dragged by a 0.3% drop in
conglomerate International holding Company and a 1.3%
decline in Adnoc Gas .
Abu Dhabi-based data analytics company Presight AI climbed as much as 176% after raising 1.82 billion
dirhams ($495.6 million) in an initial public offering.
(Reporting by Shamsuddin Mohd in Bengaluru; Editing by Sonia
Cheema)
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