Electronic boards showing stock information are pictured at the stock market, in Dubai, United Arab Emirates, November 5, 2020. REUTERS/Abdel Hadi Ramahi/File photo Purchase Licensing Rights, opens new tab
May 2 (Reuters) – 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
rose 0.1%, supported by gains in most sectors, led by IT, utilities and real estate stocks.
Acwa Power
gained 1.7% and Middle East Pharmaceutical
added 1.8% while Saudi Basic Industries
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
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
rose 2.5% and Dubai Islamic Bank
added 1.1%.
In Abu Dhabi, the benchmark index
eased 0.1%, pressured by a 1% drop in First Abu Dhabi Bank
, the UAE’s largest lender and a 0.3% dip in conglomerate Alpha Dhabi Holding
(ALPHADHABI.AD), opens new tab
.
Agility Global
, 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
slipped 1% to 9,611, its lowest for six months with almost all stocks in the red.
Qatar Islamic Bank
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.
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
was up for a second straight session and advanced 3.3% with almost all stocks gaining.
Talaat Mostafa
rose 7.2% and E-Finance for Digital
surged 10.3%.
Sign up here.
Reporting by Md Manzer Hussain;Editing by Elaine Hardcastle
Our Standards: The Thomson Reuters Trust Principles., opens new tab
![i’m-nervous,-too!-[part-2]](https://10xwealthreport.com/wp-content/uploads/2026/03/177042-im-nervous-too-part-2-1568x784.jpg)
