Most Gulf shares muted on Fed rate cut uncertainty

About this update from Salik Company Pjsc

By Md Manzer Hussain Most Gulf stock markets were subdued on Monday as investors turned cautious ahead of a long-awaited U.S. jobs report that could offer clearer signals on the health of the world's largest economy.Following hawkish comments from U.S. Federal Reserve officials, traders now see more than a 56% chance the Fed will leave interest rates unchanged in December, compared with nearly a 94% probability of a 25-basis-point cut a month ago, according to the CME FedWatch Tool. Monetary policy shifts in the U.S. tend to have a significant impact on Gulf markets, where most currencies are pegged to the dollar.The Qatari benchmark index QSE:GNRI fell 0.4%, marking its fourth straight session of losses, with most constituents in the red. Industries Qatar QSE:IQCD dropped 1.3%, while Qatar National Bank QSE:QNBK, the region's largest lender, eased 1.1%.The Abu Dhabi benchmark index ADX:FADGI shed 0.1%, extending its losing streak to a fourth session, with most sectors declining. Conglomerate Alpha Dhabi ADX:ALPHADHABI fell 2.4% and Abu Dhabi Commercial Bank ADX:ADCB lost 1.5%.Abu Dhabi National Energy Co ADX:TAQA rose 3.6% after Terra-Gen, jointly owned by Taqa's unit Masdar and Igneo Infrastructure Partners, said on Friday it had commissioned the Monte Cristo I wind power project in Texas. The project is expected to generate more than $100 million in property taxes, landowner payments and local contributions.Saudi Arabia's benchmark stock index TADAWUL:TASI traded in a narrow range, as gains in energy, real estate, communications and materials were offset by losses in most other sectors. ACWA Power TADAWUL:2082 slipped 1.1% and Advanced Petrochemical TADAWUL:2330 dropped 4.2%, while Saudi Arabian Mining TADAWUL:1211 Co rose 1.7%. Saudi Aramco gained 1% after reports it would sign two U.S. liquefied natural gas supply deals with Woodside Energy and Commonwealth LNG during Crown Prince Mohammed bin Salman's visit to Washington.Dubai's benchmark stock index DFM:DFMGI edged up 0.1% after three consecutive sessions of losses. Tolls operator Salik DFM:SALIK advanced 1.7% and Emirates NBD DFM:EMIRATESNBD, the emirate's largest lender, added 1.2%, while Emaar Properties DFM:EMAAR fell 2.2%.Outside the Gulf, Egypt's blue-chip index EGX:EGX30 fell 0.4%, pressured by a 1.4% decline in Commercial International Bank EGX:COMI.SAUDI ARABIATADAWUL:TASI ended flat at 11...

View stock analysis, news, and events for Salik Company Pjsc