Stock markets in the Gulf put in a mixed performance while the Qatari index hit a six-month low on Thursday after the U.S. Federal Reserve downplayed risks of an interest rate hike.
Saudi Arabia's benchmark stock index (.TASI), opens new tab rose 0.1%, supported by gains in most sectors, led by IT, utilities and real estate stocks. Acwa Power (2082.SE), opens new tab gained 1.7% and Middle East Pharmaceutical (4016.SE), opens new tab added 1.8% while Saudi Basic Industries (2010.SE), opens new tab known as SABIC fell 1.6%.
The petrochemical group SABIC reported a 62% drop in first-quarter net profit on Wednesday. Dubai's benchmark index (.DFMGI), opens new tab bounced back after two straight sessions of losses and ended 0.2% higher, helped by gains in consumer staples, real estate, finance and industry sectors. Emaar Properties (EMAR.DU), opens new tab rose 2.5% and Dubai Islamic Bank (DISB.DU), opens new tab added 1.1%.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab eased 0.1%, pressured by a 1% drop in First Abu Dhabi Bank (FAB.AD), opens new tab, the UAE's largest lender and a 0.3% dip in conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab.
Agility Global (AGILITY.AD), opens new tab, owned by Kuwaiti logistic firm Agility, closed at 1.58 dirham a share, surging more than 300% from its trading reference price of 0.37 dirham on its debut.
The Qatari benchmark index (.QSI), opens new tab slipped 1% to 9,611, its lowest for six months with almost all stocks in the red. Qatar Islamic Bank (QISB.QA), opens new tab dropped 1.6% and network provider Ooredoo Qatar slid 2.4%.
The U.S. central bank late on Wednesday kept interest rates unchanged as expected and flagged hopes of no rate hikes in the near term. U.S. stocks ended mixed on Wednesday after the Federal Reserve left its key interest rate unchanged as expected, but left the timing of any rate cut in doubt.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up for a second straight session and advanced 3.3% with almost all stocks gaining.
Talaat Mostafa (TMGH.CA), opens new tab rose 7.2% and E-Finance for Digital (EFIH.CA), opens new tab surged 10.3%.
