Most stock markets in the Gulf were subdued in early trading on Thursday, as investors weighed cooling U.S. inflation against a more hawkish posture by the Federal Reserve. On Wednesday, data showed U.S. consumer prices were unexpectedly flat in May, while the Fed held its rate and delayed the start of policy easing until possibly December. Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually followed by Saudi Arabia, the United Arab Emirates and Qatar. Advertisement · Scroll to continue Report this ad Dubai's benchmark stock index (.DFMGI), opens new tab was down 0.3%, pressured by a 5.2% drop in Commercial Bank of Dubai (CBD.DU), opens new tab and a 2.6% fall in Taaleem Holdings (TAALEEM.DU), opens new tab. However, the blue-chip developer Emaar Properties (EMAR.DU), opens new tab gained 1.2%. The Abu Dhabi benchmark index (.FTFADGI), opens new tab fell 0.4%, with conglomerate International Holding Co (IHC.AD), opens new tab slipping 0.7% and ADNOC Logistics (ADNOCLS.AD), opens new tab dropping 1.2%. Advertisement · Scroll to continue
Alef Education (ALEFEDT.AD), opens new tab was up 3.4% to 1.20 dirham in early trade. Alef, an edu-tech firm, ended 12.6% lower than its initial public offering price of 1.35 dirham per share in its market debut on Wednesday.
Saudi Arabia's benchmark stock index (.TASI), opens new tab slipped 0.3%, weighed down by losses in most sectors. ACWA Power (2082.SE), opens new tab declined 3.5% and Middle East Pharmaceutical (4016.SE), opens new tab dropped 1.4%.
However, shares of the fintech firm Rasan Information Technology (8313.SE), opens new tab and aluminum products maker Al Taiseer Group Talco Industrial (4143.SE), opens new tab jumped 30% and 13.26% respectively compared to their IPO prices in market debut. with both indexes notching record closing highs for the third straight day.
Rasan's stock traded at 48.10 riyals, well above its IPO price of 37 riyals, while Talco' shares were at 48.70 riyals, higher than its IPO price of 43 riyals.
The Qatari benchmark index (.QSI), opens new tab was up 0.1%, helped by a 0.4% gain in Qatar National Bank(QNBK.QA), opens new tab, the region's largest lender, and a 0.9% increase in Gulf International Services (GISS.QA), opens new tab.
