Most Gulf shares end higher; Saudi hits 6-month low
By Md Manzer Hussain
June 13 (Reuters) -Most stock markets in the Gulf gained on Thursday, as investors continued cheering a soft U.S. inflation report despite the Federal Reserve slashing its forecast to only one rate cut worth 25 basis points later this year.
Most Gulf currencies are pegged to the dollar and any U.S. monetary policy changes are usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
The Abu Dhabi benchmark index .FTFADGI rose 0.6% with Alpha Dhabi ALPHADHABI.AD rising 3.4% and conglomerate International Holding Co (IHC) climbing 1.2%. IHC is part of a business empire including climate fund Alterra, overseen by its chair Sheikh Tahnoon bin Zayed al-Nahyan.
Meanwhile, Brookfield Asset Management BAM.TO said it opened fundraising for Catalytic Transition Fund with anchor commitment from UAE-backed Altérra, targeting to raise upto $5 billion.
The Qatari benchmark index .QSI rose 0.2%, extending its gain to a 10th session, the longest rally in nearly six months.
Qatar National Bank QNBK.QA, the region's largest lender, added 0.6% and Qatar Gas Transport QGTS.QA advanced 3%.
Dubai's benchmark stock index .DFMGI inched up marginally after the previous session of loss, with Emaar Properties EMAR.DU rising 1.2% and Dubai Islamic Bank DISB.DU adding 1.3%, while tolls operator Salik Company SALIK.DU slipped 1.2%.
Saudi Arabia's benchmark stock index .TASI dropped 1.3% to 11,499, its lowest level in six months with most of its constituents posting losses. ACWA Power 2082.SE declined 5.3% and Saudi Aramco 2222.SE dropped 2.1%.
U.S. liquefied natural gas (LNG) provider NextDecade NEXT.O has signed a non-binding agreement with oil major Aramco to supply 1.2 million tonnes per annum (MTPA) of LNG for 20 years.
However, shares of the fintech firm Rasan Information Technology 8313.SE and aluminum products maker Al Taiseer Group Talco Industrial 4143.SE jumped 30% and 14.4%, respectively, fromtheir IPO prices in market debut.
Rasan's stock traded at 48.10 riyals, well above IPO price of 37 riyals, while Talco' shares were at 49.20 riyals, higher than its IPO price of 43 riyals.
Outside the Gulf, Egypt's blue-chip index .EGX30 was up for a fourth consecutive session to end 1.1% higher, lifted by gains in most sectors.
Abu Qir Fertilizers ABUK.CA climbed 7.7% and Fawry for Banking Technology FWRY.CA rose 1.1%.
SAUDI ARABIA | .TASI fell 1.3% to 11,499 |
KUWAIT | .BKP ended flat at 7,655 |
QATAR | .QSI added 0.2% to 9,667 |
EGYPT | .EGX30 gained 1.1% to 26,418 |
BAHRAIN | .BAX added 0.2% to 2,041 |
OMAN | .MSX30 lost 0.5% to 4,679 |
ABU DHABI | .FTFADGI gained 0.6% to 8,979 |
DUBAI | .DFMGI ended flat at 3,980 |
Reporting by Md Manzer Hussain; Editing by Shailesh Kuber
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