Gulf stocks edge lower on Fed rate uncertainty; Action Energy jumps on Kuwait debut

About this update from Qatar Navigation Qsc

By Md Manzer Hussain Gulf equities slipped in early trade on Wednesday as investors stayed cautious after mixed U.S. labour market signals left the Federal Reserve's rate path uncertain.U.S. job growth rebounded more than expected in November, but the unemployment rate rose to a four-year high of 4.6%. Markets are now awaiting U.S. November consumer price inflation data, due on Thursday. Gulf markets tend to track shifts in U.S. monetary policy expectations as most regional currencies are pegged to the dollar. The Qatari benchmark index QSE:GNRI dipped 0.2%, with most stocks trading lower. Gulf International Services QSE:GISS fell 1% and Qatar Navigation QSE:QNNS slid 1.4%.Saudi Arabia's benchmark stock index TADAWUL:TASI eased 0.6%, led by declines in finance, IT and communication. Saudi National Bank TADAWUL:1180 dropped 0.8% and Seera Holding Group TADAWUL:1810 lost 1.7%.The Abu Dhabi benchmark index ADX:FADGI was down 0.3%, with most sectors in the red. Aldar Properties ADX:ALDAR fell 1.1% and Abu Dhabi Ports Co ADX:ADPORTS slipped 0.9%. AD Ports said it signed an agreement with Tajikistan's AVESTO Group to set up a joint venture providing integrated logistics and freight-forwarding services across the country.Dubai's benchmark stock index DFM:DFMGI was little changed, with Emaar Properties DFM:EMAAR down 1%, while Mashreqbank DFM:MASQ gained 2%.In Kuwait, Action Energy Co KSE:ALFTAQA jumped as much as 25% to 266 dinars per share in its debut on Boursa Kuwait’s Premier Market. The oilfield services provider sold 260 million shares, or 45.9% of its capital, at 212 fils a share, raising 55 million Kuwaiti dinars ($179.25 million). The pricing implies a post-money valuation of about 120 million dinars. Kuwait's benchmark index (.BKP) was down 0.2%.($1 = 0.3068 Kuwaiti dinars)

View stock analysis, news, and events for Qatar Navigation Qsc