Most Gulf stocks muted on weaker oil, Fed rate cut doubts

About this update from Dar Al Arkan Real Estate Development Co.

By Md Manzer Hussain Most Gulf stock markets were subdued in early trade on Wednesday on falling oil prices, while investors awaited a delayed U.S. jobs report for clues on the Federal Reserve's interest rate path.Oil prices, a key driver for Gulf financial markets, dipped on oversupply concerns, though U.S. sanctions on major Russian producers helped limit losses. Brent crude was trading at $64.53 a barrel by 0810 GMT.Markets are now awaiting Thursday's delayed September non-farm payrolls report, with traders pricing about a 42% chance of a 25-basis-point Fed rate cut in December, down from near certainty a month ago.U.S. monetary policy moves are closely followed in the Gulf, where most currencies are pegged to the dollar.The Abu Dhabi benchmark index ADX:FADGI edged 0.1% lower, pressured by a 1% drop in ADNOC Distribution ADX:ADNOCDIST and a 4.1% fall in Response Plus Holding ADX:RPM. Two Point Zero Group ADX:2POINTZERO gained 4.8%, while Presight AI Holding ADX:PRESIGHT added 1.8%.Separately, South Korea has agreed to work with the United Arab Emirates on the U.S.-backed Stargate project to build a large artificial intelligence data campus in the Gulf country, Seoul said on Tuesday. Dubai's benchmark stock index DFM:DFMGI slipped 0.1%, with most constituents in negative territory. Emaar Properties DFM:EMAAR lost 0.7%, while Al Ansari Financial Services DFM:ALANSARI declined 1.1%.Saudi Arabia's benchmark stock index TADAWUL:TASI was down 0.1%, with most sectors in the red. Bank Albilad TADAWUL:1140 fell 1.2% and Dar Al Arkan Real Estate TADAWUL:4300 dropped 1.1%. The developer's subsidiary Dar Global's LSE:DAR chief executive told Reuters on Tuesday it hopes to fund much of its latest Trump‑branded hotel in the Maldives by selling blockchain‑based crypto tokens to U.S. retail investors.ADES Holding TADAWUL:2382 gained 1.4% after saying its merger with Shelf Drilling (SHLF.OL) was expected to close on November 25.The Qatari benchmark index QSE:GNRI rose 0.8%, supported by broad‑based gains. Industries Qatar QSE:IQCD added 3%, while Qatar National Bank QSE:QNBK advanced 1.1%.

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