Gulf stocks mixed amid rate hike woes; Egypt outperforms

Sept 24 (Reuters) – Most stock markets in the Middle East put in a mixed performance on Sunday following the Federal Reserve’s signal of one more rate hike this year, while Egypt’s main equity index hit a record high on strong gains in fertilizer and chemical shares.

The six-member Gulf Cooperation Council’s monetary policy is usually guided by Fed policy as five of them have their currencies pegged to the dollar, while Kuwait’s dinar is linked to a basket of currencies believed to be dominated by the greenback.

The Qatari benchmark stock index (.QSI) fell 0.3%, dragged down by almost all the sectors with financials leading the declines.

Qatar National Bank (QNBK.QA), the Gulf’s biggest lender, was down 0.7% while heavyweight Commercial Bank (COMB.QA) dropped 1.3%.

Kuwait’s premier market index (.BKP) fell 1.6%, its 7th consecutive session of losses, as most of its constituents were in negative territory.

Outside the Gulf, Egypt’s blue-chip index (.EGX30), closed up 0.6%, hitting an all-time high. It was boosted by a more than 7% jump to a five-month peak in Abu Qir fertilizers and Chemical Industries Co (ABUK.CA), and a 4.7% rise in Misr Fertilizer Production (MFPC.CA).

Stock markets in Saudi Arabia are closed for the kingdom’s national day holiday while the UAE bourse is closed over the weekend as last year it shifted to a new Monday to Friday working week to better align with global markets.

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