Telco’s AGM to approve cash dividends of 40 fils per share for H2 of 2023
business4 days ago
Most major Gulf markets extended their gains on Tuesday despite a gloomy global economic outlook and volatile oil prices, although Dubai fell.
Equity markets around the globe have been bruised by inflation worries, a tightening Fed policy and volatility on energy markets, whipped up by war in Ukraine and a price cap on Russian oil.
Crude prices, which strongly influence Gulf financial markets, swung wildly in 2022 and are expected to be under pressure in 2023.
A Reuters poll on Friday showed 30 economists and analysts forecast Brent crude will average $89.37 a barrel in 2023, about 4.6 per cent lower than the $93.65 consensus in a November survey. The global benchmark averaged $99 per barrel in 2022.
Farah Mourad, senior market analyst of XTB Mena, said the Gulf stock markets were mostly seeing positive performances, but the outlook for energy markets was uncertain given geopolitical tensions in Europe and China Covid-19 restrictions.
A survey on Tuesday found that growth in Saudi Arabia’s non-oil business activity shrank to a three-month low in December, although higher sales and strong demand ensured firms remained confident for the coming year.
The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index fell to 56.9 in December from 58.5 in November. It was the lowest reading since September but was well above the 50 mark separating growth from contraction.
Saudi Arabia’s benchmark index rose 0.8 per cent, extending gains to a third session in a row, buoyed by its banking stocks as Al Rajhi Bank and Saudi National Bank gained 1.4 per cent and 1.2 per cent, respectively
The benchmark index in Qatar — among the world’s top exporters of liquefied natural gas — gained 0.7 per cent, boosted by a 3.5 per cent hike in Industries Qatar.
In Abu Dhabi, the index also advanced 0.3 per cent, extending gains from the previous session, as country’s largest lender First Abu Dhabi Bank was up 0.5 per cent.
Dubai’s main share index, however, eased 0.1 per cent, following a 0.7 per cent decline in Shariah-complaint lender Dubai Islamic Bank and a 0.7 per cent dip in Emirates Central Cooling Systems Corporation.
Outside the Gulf, Egypt’s blue-chip index gained 0.7 per cent, with Misr Fertilizer Production Co climbing 4.6 per cent while e-Finance For Digital and Financial Investments was up 1.9 per cent. — Reuters
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