Middle East Market Wrap 17 September: Cairo Rises 1.23 Percent as the Gulf Trades Its New Rates

By The Edge Research Team

Egypt led the region’s first session after Wednesday night’s rate moves, the EGX 30 rising 1.23 percent to 55,498.72, while four of the Gulf’s seven boards firmed and none of its three decliners lost more than a third of a percent; Saudi Arabia’s Tadawul All Share closed 0.02 percent lower in the kingdom’s first session since its own quarter point rise. Brent crude traded at 101.92 dollars a barrel at our 12:22 GMT capture, down 3.69 percent from Wednesday’s settlement.

Cairo runs ahead of its own central bank

The EGX 30 closed 1.23 percent higher at 55,498.72, the largest move on our board in either direction, and the exchange’s own dollar terms index rose 1.37 percent, the wider gain reflecting a firmer pound on the day. The central bank’s official exchange rate stood at 52.0769 to buy and 52.2151 to sell against the dollar, the pound 0.13 percent firmer on our calculation and reversing part of the 0.28 percent weakening our Wednesday wrap carried. Over the two sessions spanning the United States decision the index is up 1.07 percent on our calculation, and it stands 32.68 percent higher for the year on the exchange’s own figure. The Monetary Policy Committee in Cairo meets on Thursday 24 September, so Egypt’s answer to the week’s rate moves is still a week away.

The Gulf trades its new rates and finds little to reprice

The first Gulf session since five of the region’s central banks matched Wednesday’s quarter point rise produced a board that leaned higher rather than lower; Kuwait had already said, in a statement issued before the decision, that its discount rate stays at 3.5 percent, as our rates article carried. Oman’s MSX 30 rose 0.70 percent to 7,603.23, Abu Dhabi’s FTSE ADX General 0.47 percent to 10,160.84, Dubai’s DFM General 0.34 percent to 5,986.76 on the exchange’s own daily figure, and the QE Index 0.22 percent to 9,659.01 on our calculation against our published Wednesday close; outside the Gulf, Jordan’s ASE Index rose 0.32 percent to 4,124.65.

The three declines were shallow. The Tadawul All Share eased 0.02 percent to 10,777.94, effectively flat, with the MSCI Tadawul 30 on the same page 0.25 percent lower. Kuwait’s All Share slipped 0.32 percent to 8,913.16, with the exchange’s own breakdown showing the Premier Market 0.42 percent lower while the Main 50 rose 0.40 percent, so the slip sat with the large caps rather than the breadth of the market; the official dollar dinar reference moved to 0.30730/40 from 0.30695/05, the dollar 0.11 percent stronger on our calculation. Bahrain’s All Share eased 0.30 percent to 1,924.03. Crude kept the region’s other variable moving: Brent at our capture stands 1.64 percent below our Asia wrap reading this morning on our calculation, a second session of retreat, and WTI sat under the 100 dollar line at 99.34.

Top gainers

Top gainers, closes of Thursday 17 September 2026 from the exchanges, ranked by change; every change reconciles against our published 16 September closes. The DFM change is the exchange’s own daily figure, and the QE Index change is our calculation against our published 16 September close.

Top losers

Top losers, closes of Thursday 17 September 2026 from the exchanges, ranked by change; every change reconciles against our published 16 September closes.

Commodities and currencies

Intraday quotes captured at 12:22 GMT in a single call, fixed row order; the 4 commodity rows are measured against Wednesday’s settlements as carried in the price feed, settlement to snapshot, and the currency rows are on the vendor’s daily basis. Wednesday’s precious metals settlements were fixed before the rate decision was published, on our reading of the settlement windows.

Official reference rates

Dated official fixings from the central banks’ own pages; the CBK level is the official dollar/dinar reference rate with its published value date, and the CBE level is its official exchange rate series, buy and sell.

Asia, session of Thursday 17 September

Carried from our Asia Market Wrap of Thursday 17 September 2026, gainers then losers, ranked by change.

Why it matters: the region’s first pricing of its own rate moves was calm, on our reading: the Gulf absorbed Wednesday night’s decisions with no board losing more than a third of a percent, and the day’s real mover was Cairo, whose central bank has yet to speak, a week before its own committee sits. Cheaper crude cuts both ways here: sustained, it would ease the import bills of Egypt and Jordan while softening the revenue backdrop for the exporters, and the boards priced that trade calmly too. Of the 19 indices we published today, the EGX 30 led at 1.23 percent higher and the Hang Seng lagged at 0.44 percent lower.

Outlook: Egypt’s Monetary Policy Committee meets on Thursday 24 September, per the central bank’s published calendar. The Bank of Japan concludes on Friday, as our Asia wrap carried, and our Europe wrap follows this evening; the commodities wrap takes the settlements tonight.

Sources: The Egyptian Exchange, Saudi Exchange, Boursa Kuwait, Abu Dhabi Securities Exchange, Dubai Financial Market, Qatar Stock Exchange, Bahrain Bourse, Muscat Stock Exchange, Amman Stock Exchange, Central Bank of Kuwait, Central Bank of Egypt, CNBC, The Edge.

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