File photo: Clocks showing the time in different cities of the world 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
April 29 (Reuters) – Stock markets in the Gulf ended higher on Monday, led by the Saudi index on strong corporate earnings, while investors awaited the U.S. Federal Reserve’s policy meeting this week for further cues on its interest rate trajectory.
Saudi Arabia’s benchmark stock index
ended five- session losing streak and rose 1.1%, the highest intraday rise in nearly a month with most of its constituents posting gains.
Al Rajhi Bank
, the world’s largest Islamic lender, advanced 1.8% after it reported a 6% rise in quarterly net profit.
Among other gainers, Saudi National Bank
, the Kingdom’s largest bank by assets, gained 1.1% after it posted a 0.4% rise in quarterly net profit.
The Qatari benchmark index
was up for a second straight session and ended 0.8% higher, with Qatar Islamic Bank
rising 1.1% and Industries Qatar
gaining 2%.
Among other gainers, Qatar Gas Transport
rose 2.4% after the LNG shipping firm posted an increase of 6.1% in quarterly net profit on Sunday.
Elsewhere, QatarEnergy, the world’s top LNG exporter, signed agreement with China State Shipbuilding Corp (CSSC) to build 18 ultra-large ships at a cost of $6 billion.
Dubai’s benchmark index
rose 0.3%, supported by gains in communication, industry and finance sectors with toll operator Salik Company
rising 1.5% and Mashreqbank
adding 2.2%.
In Abu Dhabi, the benchmark index
was up for a second consecutive session and ended 0.2% higher with Abu Dhabi Islamic Bank
rising 1.4% and Aldar Properties
climbing 4.1%, the highest intraday increase in nearly six months.
The emirate’s biggest developer, Aldar’s net profit leaped 88% from a year earlier to 1.57 billion dirhams ($427.5 million).
The U.S Fed’s two-day policy meeting begins on Tuesday. While the central bank is expected to keep rates on hold, the focus will be on its rate outlook.
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
snapped four straight session of losses and surged 5.57%, the highest intraday climb in four years with all stocks in the green.
Talaat Mostafa
rose 13.7% and Commercial International Bank
advanced 6.1%.
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Reporting by Md Manzer Hussain; Editing by Vijay Kishore
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