Business
Middle East equities rise amid bargain hunting; Saudi nears two-year low
Middle East equities rise amid bargain hunting; Saudi nears two-year low
About this update from Al Rajhi Bank
By Amna Mariyam Most Middle East stock markets edged higher on Sunday as investors bought up recently sold-off shares, supported by a rebound in global risk appetite after a softer U.S. labor report fueled rate cut bets, while Saudi's bourse approached a two-year low.Saudi Arabia's benchmark index TADAWUL:TASI fell 0.2% in a quiet session, extending a recent slide toward a two-year low, with most sectors closing in the red.Index heavyweight Al Rajhi Bank TADAWUL:1120, the world's largest sharia-compliant lender, and ACWA Power TADAWUL:2082 lost 0.4% and 2.7% respectively. Elsewhere, the state's oil giant Aramco TADAWUL:2222 finished the session 0.1% higher, recovering from its lowest level seen in over five years in the previous session.Crude - a key catalyst to Gulf economies - inched higher after a Ukrainian drone attack disrupted operations at Russia's key western port, but gains were capped by concerns over soft U.S. jobs data and rising inflation clouding the demand outlook.Qatar's benchmark index QSE:GNRI rose 0.4%, with financials leading the gains amid renewed investor confidence.Qatar Islamic Bank QSE:QIBK climbed more than 1%.Investors continue to keep a close watch on the U.S. Federal Reserve as softer job data solidified expectations of a rate cut on Wednesday, with bets growing for additional cuts in October and December.The Fed's stance carries heavy clout in the Gulf, where most currencies are pegged to the U.S. dollar, anchoring regional monetary policy.Outside the Gulf, Egypt's blue-chip index EGX:EGX30 advanced 0.5%, building on gains from the past two sessions, supported by broad-based sectoral strength. Orascom Construction EGX:ORAS jumped 4.7% after debuting its primary listing on Abu Dhabi’s main index ADX:FADGI on Thursday, while retaining its secondary listing on the Egyptian exchange.SAUDI ARABIATADAWUL:TASI eased 0.2% to 10,434QATARQSE:GNRI added 0.4% to 11,132EGYPTEGX:EGX30 climbed 0.5% to 35,112BAHRAINBAHRAIN:BHBX fell 0.1% to 1,941OMAN(.MSX30) advanced 0.2% to 5,094KUWAIT(.BKP) increased 0.8% to 9,414