Mideast Stocks: Gulf markets mixed ahead of crucial U.S. jobs data

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Gulf equities ended mixed on Tuesday as oil-led support was tempered by investor caution ahead of a U.S. employment benchmark that could reshape interest-rate expectations. A preliminary U.S. nonfarm payrolls revision due later in the day is expected to cut employment figures for the 12 months through March by up to one million, adding uncertainty ahead of the U.S. Federal Reserve’s policy decision.

The Fed’s stance carries weight in the Gulf, where most currencies are pegged to the U.S. dollar, anchoring regional monetary policy. Saudi Arabia's benchmark index added 0.3% in a choppy trade, pulling back from a nearly two-year low with most sectors closing in the positive territory.

Oil behemoth Saudi Aramco gained 0.2%, bouncing back from multi-year lows. Dubai's main index rebounded 0.4%, supported by gains in materials and financials, led by a 2.1% rise in Emirates NBD Bank. While the Abu Dhabi index was down 0.1%, continuing its correction phase. The recent drop opens the door to further losses amid ongoing oil price uncertainty, said Milad Azar, market analyst at XTB MENA.

Abu Dhabi Commercial Bank fell 1.2%, extending a steep 7.5% drop in the previous session — its largest single-day decline in over three years — following the announcement of a 6.1 billion dirhams rights issue priced at a 30% discount. Echoing muted sentiment, the Qatari stock market remained flat amid light trading as it seeks stability after a three-week corrective period.

"However, the risk of further decline persists due to the absence of any positive catalysts," Azar added.

Outside the Gulf, Egypt's blue-chip index trended 0.6% down, tracking broader regional downturn. Real estate firm Emaar Misr retreated 1.5% after a 2.2% gain in the previous session on a Red Sea tourism deal it said could draw 900 billion Egyptian pounds ($18.58 billion) in investments.