Most stock markets in the Gulf ended lower on Tuesday amid weak oil prices, with investors cautious ahead of U.S. economic data and comments from Federal Reserve officials this week.
Saudi Arabia’s benchmark index dropped 0.5%, hit by a 1.4% fall in aluminium products manufacturer Al Taiseer Group and a 1.1% decrease in Al Rajhi Bank.
Oil prices – a catalyst for the Gulf’s financial markets – steadied, recovering from a 5% drop over the previous two sessions, as investors absorbed OPEC’s latest downward revision for oil demand and the market’s disappointment over China’s latest stimulus plan.
The Saudi energy index was down 0.1%.
In Abu Dhabi, the index eased 0.2%.
Investors are also bracing for further signals from U.S. inflation data and Fed speakers this week.
Markets are pricing in an 87% chance of the Fed cutting rates in December by 25 basis points.
Gulf bourses end mixed on weak oil, ahead of US data
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed’s decisions, as most regional currencies are pegged to the U.S. dollar.
The Qatari index retreated 1.4%, weighed down by a 2.3% decline in the Gulf’s biggest lender Qatar National Bank and a 3.3% decrease in petrochemical maker Industries Qatar.
Dubai’s main share index, however, advanced 1.1%, led by a 3.7% rise in toll operator Salik Co and a 10.3% surge in Emaar Development after the developer reported higher nine-month net profit.
Outside the Gulf, Egypt’s blue-chip index fell 0.1%, with Commercial International Bank dropping 0.5%.
---------------------------------------- SAUDI ARABIA fell 0.5% to 12,048 ABU DHABI lost 0.2% to 9,420 DUBAI gained 1.1% to 4,701 QATAR dropped 1.4% to 10,458 EGYPT lost 0.1% to 31,582 BAHRAIN was up 0.1% to 2,029 OMAN down 0.2% to 4,672 KUWAIT added 0.2% to 7,799 ----------------------------------------
Most stock markets in the Gulf ended lower on Tuesday amid weak oil prices, with investors cautious ahead of U.S. economic data and comments from Federal Reserve officials this week.
Saudi Arabia’s benchmark index dropped 0.5%, hit by a 1.4% fall in aluminium products manufacturer Al Taiseer Group and a 1.1% decrease in Al Rajhi Bank.
Oil prices – a catalyst for the Gulf’s financial markets – steadied, recovering from a 5% drop over the previous two sessions, as investors absorbed OPEC’s latest downward revision for oil demand and the market’s disappointment over China’s latest stimulus plan.
The Saudi energy index was down 0.1%.
In Abu Dhabi, the index eased 0.2%.
Investors are also bracing for further signals from U.S. inflation data and Fed speakers this week.
Markets are pricing in an 87% chance of the Fed cutting rates in December by 25 basis points.
Gulf bourses end mixed on weak oil, ahead of US data
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed’s decisions, as most regional currencies are pegged to the U.S. dollar.
The Qatari index retreated 1.4%, weighed down by a 2.3% decline in the Gulf’s biggest lender Qatar National Bank and a 3.3% decrease in petrochemical maker Industries Qatar.
Dubai’s main share index, however, advanced 1.1%, led by a 3.7% rise in toll operator Salik Co and a 10.3% surge in Emaar Development after the developer reported higher nine-month net profit.
Outside the Gulf, Egypt’s blue-chip index fell 0.1%, with Commercial International Bank dropping 0.5%.
---------------------------------------- SAUDI ARABIA fell 0.5% to 12,048 ABU DHABI lost 0.2% to 9,420 DUBAI gained 1.1% to 4,701 QATAR dropped 1.4% to 10,458 EGYPT lost 0.1% to 31,582 BAHRAIN was up 0.1% to 2,029 OMAN down 0.2% to 4,672 KUWAIT added 0.2% to 7,799 ----------------------------------------
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