Mideast Stocks: Most major Gulf bourses ease on growth worries
- Date: 22-Aug-2022
- Source: Zawya
- Sector:Financial Markets
- Country:Qatar
Mideast Stocks: Most major Gulf bourses ease on growth worries
Most major stock markets in the Gulf fell on Monday on concerns that inflation-busting interest-rate hikes in the United States and Europe will weaken the global economy.
U.S. Federal Reserve Chair Jerome Powell headlines a host of policymakers at a symposium in Jackson Hole, Wyoming later in the week, with expectations growing of further rate hikes rather than a pivot to a more dovish policy. A Reuters poll of economists forecast the Fed will raise rates by 50 basis points in September, with the risks skewed towards a higher peak.
The Qatari benchmark index dropped 1.2% with most of its stocks in negative territory including Qatar Islamic Bank , which was down 1.4%.
Dubai's main share index finished 0.3% lower, hit by a 1.2% fall in blue-chip developer Emaar Properties. Emaar Properties said on Saturday it is selling fashion e-commerce venture Namshi to Noon, an e-commerce company backed by Dubai billionaire Mohamed Alabbar and Saudi Arabian sovereign fund the Public Investment Fund (PIF). Emaar said in a bourse filing its board has in principle approved the sale, which values Namshi at $335.2 million, as a divestment to a related party.
In Abu Dhabi, the index fell 0.4%, with telecoms firm e&, formerly known as