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 (.QSI) fell 0.4%, marking its fourth straight session of losses, with most constituents in the red. Industries Qatar (IQCD.QA) dropped 1.3%, while Qatar National Bank (QNBK.QA), the region’s largest lender, eased 1.1%.
The Abu Dhabi benchmark index (.FTFADGI) shed 0.1%, extending its losing streak to a fourth session, with most sectors declining. Conglomerate Alpha Dhabi (ALPHADHABI.AD) fell 2.4% and Abu Dhabi Commercial Bank (ADCB.AD) lost 1.5%.
Abu Dhabi National Energy Co (TAQA.AD) 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 (.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 (2082.SE) slipped 1.1% and Advanced Petrochemical (2330.SE) dropped 4.2%, while Saudi Arabian Mining Co (1211.SE) 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 (.DFMGI) edged up 0.1% after three consecutive sessions of losses. Tolls operator Salik (SALIK.DU) advanced 1.7% and Emirates NBD (ENBD.DU), the emirate’s largest lender, added 1.2%, while Emaar Properties (EMAR.DU) fell 2.2%.
Outside the Gulf, Egypt’s blue-chip index (.EGX30) fell 0.4%, pressured by a 1.4% decline in Commercial International Bank (COMI.CA).
Benchmark Closing Levels:
- Saudi Arabia (.TASI) ended flat at 11,051
- Kuwait (.BKP) up 0.3% to 9,408
- Qatar (.QSI) fell 0.4% to 10,801
- Egypt (.EGX30) down 0.4% to 41,067
- Bahrain (.BAX) lost 0.1% to 2,059
- Oman (.MSX30) fell 0.2% to 5,650
- Abu Dhabi (.FTFADGI) down 0.1% to 9,911
- Dubai (.DFMGI) added 0.1% to 5,957
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