By Ateeq Shariff
Aug 24 (Reuters) - Most stock markets in the Gulf ended
higher on Sunday after U.S. Federal Reserve Chair Jerome Powell
pointed to a potential September interest rate cut during his
speech at the Jackson Hole Symposium.
Powell on Friday signalled a possible rate cut next month,
saying that risks to the job market were rising but also noting
that inflation remained a threat and a decision was not set in
stone.
Traders boosted bets on a September cut to nearly 90%,
compared with 75% before Powell's remarks.
U.S. monetary policy shifts have a significant impact on
Gulf markets, where most currencies are pegged to the dollar.
Saudi Arabia's benchmark index added 0.4%, helped by
a 0.7% rise for oil major Saudi Aramco.
Elsewhere, ACWA Power Company finished with a 1.6%
gain after obtaining financing for two large-scale combined
cycle gas turbine (CCGT) power plants in Saudi Arabia, with a
total capacity of 3,600 megawatts.
ACWA Power holds a 35% effective shareholding in each of the
two power plants.
In Qatar, the index eased 0.2%, hit by a 1% fall for
the Gulf's biggest lender, Qatar National Bank.
Outside the Gulf, Egypt's blue-chip index rose
0.5%, with tobacco monopoly Eastern Company (EML) advancing
by 3.7%.
SAUDI ARABIA rose 0.4% to 10,905
QATAR eased 0.2% to 11,323
EGYPT up 0.5% to 35,812
BAHRAIN added 0.2% to 1,935
OMAN gained 0.9% to 5,005
KUWAIT lost 0.3% to 9,254
(Reporting by Ateeq Shariff in Bengaluru
Editing by David Goodman)
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