Most stock exchanges in the Gulf region ended mixed yesterday, as data on global manufacturing commanded attention ahead of the annual meeting of central bankers in Jackson Hole in the United States.
A batch of manufacturing data from yesterday’s PMI surveys indicated concerns about the health of economies around the world.
According to “Reuters”, the Abu Dhabi index fell 0.4 percent to the level of 9729 points, amid a 1.6 percent drop in “Abu Dhabi National Hotels”, “Dana Gas” by 1.5 percent, the Emirates Insurance Company by about 3.3 percent, and the Emirates Telecommunications Group by 3.1 percent. .
Oil prices fell, which is a major catalyst for financial markets in the Gulf, as Brent crude futures fell 0.75 percent to $83.75 a barrel.
The Qatari index fell 1.2 percent and most of the shares listed on it incurred losses, including Industries Qatar, which fell by 1.2 percent.
Markets will be looking for clues about the path of interest rates when officials from the Federal Reserve and policymakers from the European Central Bank, the Bank of England and the Bank of Japan meet in Jackson Hole, Wyoming today.
The oil and gas exporting countries in the Gulf region usually follow the movements of the US Central Bank with regard to interest rates, and most of the currencies of the countries of the region are pegged to the dollar.
The Dubai index violated the general trend and closed up 0.8 percent at 4,099 points. “Emaar Properties” rose 3.8 percent, “Emaar Development” by 3.2 percent, and “Air Arabia” 2.1 percent.
Bahrain’s index fell 0.5 percent to 1954 points. The Muscat index rose 0.1 percent at 4,775 points. The Kuwait index rose 0.2 percent to reach 7,730 points.
Outside the Gulf region, the main index of the Egyptian Stock Exchange fell 0.5 percent, to close at 18,133 points.
Foreign transactions tended to buy, netting 7.3 million pounds. Arab investors’ dealings in stocks tended to buy at about 31.3 million pounds. On the other hand, the Egyptians’ dealings tended to sell in stocks, amounting to 38.69 million pounds.
2023-08-23 22:43:24
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Stock Exchanges in the Gulf Region End Mixed Amid Global Manufacturing Concerns and Jackson Hole Meeting
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