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Gulf markets end mixed on weak oil, US rate cut hopes
Gulf markets end mixed on weak oil, US rate cut hopes
About this update from Al Rajhi Bank
By Ateeq Shariff Stock markets in the Gulf ended mixed on Thursday, as declining oil prices weighed on sentiment, while a weak private U.S. labour market report fuelled optimism for potential Federal Reserve interest rate cuts.The U.S. Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.Saudi Arabia's benchmark index TADAWUL:TASI dropped 0.3%, hit by a 1.1% fall in Al Rajhi Bank TADAWUL:1120 and a 1.8% decrease in the biggest lender by assets, Saudi National Bank TADAWUL:1180.Overall market sentiment remains positive, and further gains are possible given the solid fundamentals, said Milad Azar, Market Analyst at XTB MENA. However, lower oil prices pose a risk, as additional losses could negatively impact investor confidence, he said.The Saudi Capital Market Authority called for a public consultation on opening its main stock market to all categories of non-resident foreign investors and enabling them to directly invest in it, the regulator said on Wednesday.Dubai's main share index DFM:DFMGI gained 0.5%, with blue-chip developer Emaar Properties DFM:EMAAR rising 1.9%.In Abu Dhabi, the index ADX:FADGI rose 0.4%.The Qatari index QSE:GNRI fell 0.8%, weighed down by a 1.5% fall in Qatar Islamic Bank QSE:QIBK. Oil prices - a catalyst for the Gulf's financial markets - edged lower, extending declines into a fourth day due to concerns about oversupply.Outside the Gulf, Egypt's blue-chip index EGX:EGX30 concluded 0.4% higher, with Commercial International Bank EGX:COMI rising 1.3%.Saudi ArabiaTADAWUL:TASI eased 0.3% to 11,496Abu DhabiADX:FADGI rose 0.4% to 10,065DubaiDFM:DFMGI added 0.5% to 5,916QatarQSE:GNRI dropped 0.8% to 10,863EgyptEGX:EGX30 gained 0.4% to 36,901BahrainBAHRAIN:BHBX was up 0.1% to 1,953Oman (.MSX30) down 0.2% to 5,178Kuwait(.BKP) fell 0.4% to 9,316