Gulf bourses mixed on regional tensions; Saudi extends gains
By Ateeq Shariff
Sept 22 (Reuters) -Stock markets in the Gulf put in a mixed performance on Sunday amid rising geopolitical tensions in the region, although the Saudi index extended gains on bets for further U.S. interest rate cuts.
Israel and Hezbollah exchanged heavy fire into Sunday, with Israeli warplanes carrying out the most intense bombardment in almost a year of conflict across Lebanon's south and Hezbollah firing rockets deep into northern Israel.
The escalating attacks come less than 48 hours after an Israeli airstrike targeted Hezbollah commanders in a suburb of the Lebanese capital. The death toll from that strike had risen to 45, the Lebanese health ministry said on Sunday.
In Qatar, the share index .QSI eased 0.2%, with the Gulf's biggest lender, Qatar National Bank QNBK.QA, falling 0.8% and petrochemical maker Industries Qatar IQCD.QA down 0.5%.
Saudi Arabia's benchmark index .TASI rose 0.4%, with aluminium products manufacturer Al Taiseer Group 4143.SE up 1%.
The U.S. Federal Reserve cut its benchmark rate by 50 basis points (bps) on Wednesday and projected a further half-point rate cut by year-end, a full point next year and a half-point trim in 2026.
Monetary policy in the Gulf Cooperation Council (GCC) often aligns with the Fed's decisions as most regional currencies are pegged to the U.S. dollar.
Outside the Gulf, Egypt's blue-chip index .EGX30 closed 0.3% higher, led by a 3.4% gain in EFG Holding HRHO.CA.
Egypt's Prime Minister Mostafa Madbouly said on Thursday that a planned Saudi Arabian investment of $5 billion in Egypt is independent of funds the Gulf state has deposited in the country's central bank, sending bond prices higher.
SAUDI ARABIA | .TASI rose 0.4% to 12,130 |
QATAR | .QSI lost 0.2% to 10,439 |
EGYPT | .EGX30 up 0.3% to 31,038 |
BAHRAIN | .BAX was up 0.2% to 2,032 |
OMAN | .MSX30 lost 0.4% to 4,709 |
KUWAIT | .BKP dropped 0.4% to 7,758 |
Reporting by Ateeq Shariff in Bengaluru; Editing by Kirsten Donovan
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