Saudi leads as Gulf bourses end higher; Egypt extends loss
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 02 2024
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Source: reuters
- Gulf Stock Markets: Most Gulf stock markets ended higher, led by Saudi Arabia, following a U.S. inflation reading that supported expectations of Federal Reserve interest rate cuts.
- Saudi Stock Market: Saudi Arabia's benchmark index rose 1.1%, with gains in IT, utilities, and healthcare stocks, while Saudi Aramco saw a decline to its lowest level in over a year.
- Aramco Share Sale: Saudi Arabia is offering about 1.545 billion Aramco shares at 26.7 to 29 riyals, drawing more demand than available shares shortly after the sale began.
- Qatari Stock Market: Qatar's benchmark index rose 0.7% for a second consecutive session, driven by gains in energy, finance, and real estate sectors.
- US Inflation Impact: U.S. inflation data meeting market expectations in April raised hopes of interest rate cuts by the Federal Reserve, affecting Gulf currencies pegged to the dollar like Saudi Arabia, UAE, and Qatar.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
