Gulf markets edge higher, Egyptian blue chip index rises 1.3%

March 22 (Reuters) – Major Gulf stock markets closed higher on Tuesday, in tandem with global markets, as Egypt’s blue chip index rose for the sixth consecutive session.

The Egyptian index (.EGX30) jumped 1.3%, after rising more than 4% on Monday, its biggest percentage rise in nearly two years.

“The Egyptian stock market opened higher as investors take heed of the initiatives launched by the government to mitigate the effects of the war in Ukraine on the Egyptian economy,” said Wael Makarem, senior market strategist – MENA at Exness.

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Egypt on Tuesday lowered its real gross domestic product growth target to 5.5% for its next fiscal year, which begins in July, a day after the central bank raised its key rates by 100 basis points in a an exceptional meeting of the monetary policy committee. Read more

European stock indices edged higher as investors adjusted their interest rate expectations while oil prices rose, supported by supply risks from a possible European Union oil embargo on Russia and concerns about attacks on Saudi oil facilities. Read more

Saudi Arabia’s benchmark index (.TASI) ended up 0.4%.

Nahdi Medical Co, the Saudi market leader in retail pharmacies, made a strong entry into the market. Its shares rose about 21% to 158.4 riyals from its initial public offering price of 131 riyals per share. Its shares closed at 150 riyals. Read more

Nahdi had raised $1.36 billion in the country’s biggest IPO since Saudi Aramco (2222.SE) listed in 2019.

Shares of Saudi Arabian Mining Company (1211.SE) rose 3.5% after the company said its new ammonia pier exported its first shipment.

Dubai’s main stock market index (.DFMGI) closed down 0.3%, under pressure from Emirates Integrated Telecommunications Company (DU.DU) which lost 2.1%.

The Abu Dhabi index (.FTFADGI) rose 0.7%, after closing lower in the previous two sessions.

The Qatari index (.QSI) edged up 0.1% as gains in materials companies were offset by losses in the energy sector.

Commercial Bank (COMB.QA) fell 2.6%.

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Reporting by Tanvi Mehta in Bengaluru. Editing by Jane Merriman

Our standards: The Thomson Reuters Trust Principles.

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