PHOTO
Investors look at stock exchange information at the Dubai Financial Market. File image used for illustrative purpose.
Most stock markets in the Gulf ended higher on Thursday, in step with a global equity rally after U.S. consumer inflation data cemented bets of a Federal Reserve interest-rate cut next week.
A Labor Department report showed on Wednesday U.S. consumer prices in November marked their biggest increase in seven months.
Markets are pricing in a 97% chance the Fed will cut rates by 25 basis points next week, up from an 86% chance before the data.
The Fed's decisions impact monetary policy in the Gulf, where most currencies, including the Saudi riyal, are pegged to the U.S. dollar.
Dubai's benchmark stock index <.DFMGI> reversed early losses and ended 0.3% higher with most sectors in the green. Emaar Properties <EMAR.DU> rose 1.6% and Emirates NBD <ENBD.DU> added 1%. Dubai's largest lender, ENBD, has invested in Zodia Custody, a London-based crypto firm.
The Abu Dhabi benchmark index <.FTFADGI> was up for a second consecutive session, rising 0.1%. Conglomerate Alpha Dhabi Holding <ALPHADHABI.AD> gained 2.9% and Abu Dhabi Commercial Bank <ADCB.AD> added 2.3%.
The Qatari benchmark index <.QSI> extended its rally to a fourth straight session, rising 0.2% with almost all sectors in positive territory. Doha Bank <DOBK.QA> gained 1.8%, and Mesaieed Petrochemical <MPHC.QA> added 0.9%.
Qatar recorded a budget surplus of 100 million riyals ($27.43 million) in the third quarter of 2024, the finance ministry said on Wednesday.
Saudi Arabia's benchmark stock index <.TASI> was down for a second straight session, falling 0.4%, while the index posted gains for two weeks in a row.
Al Rajhi Bank <1120.SE>, the world's largest Islamic lender, slid 1.2%, and Saudi Aramco <2222.SE> shed 0.4%. Saudi Arabia's crude oil supply to China is set to rebound to a three-month high in January, trade sources said, thanks to price cuts by the world's top exporter.
Outside the Gulf, Egypt's blue-chip index <.EGX30> was up 0.2% with most sectors in the green. GB Auto <GBCO.CA> surged 4.4% and Commercial International Bank <COMI.CA> gained 1.2%.
Egypt will seek to sell stakes in at least 10 companies in 2025, Prime Minister Mostafa Madbouly said on Wednesday, either through public listings or strategic partnerships.
SAUDI ARABIA | <.TASI> down 0.4% to 12,099 |
KUWAIT | <.BKP> up 0.1% to 7,860 |
QATAR | <.QSI> added 0.2% to 10,529 |
EGYPT | <.EGX30> gained 0.2% to 30,795 |
BAHRAIN | <.BAX> down 0.3% to 2,006 |
OMAN | <.MSX30> up 0.6% to 4,546 |
ABU DHABI | <.FTFADGI> added 0.1% to 9,276 |
DUBAI | <.DFMGI> rose 0.3% to 4,812 |
(Reporting by Md Manzer Hussain; Editing by Devika Syamnath)