Early trade was mixed in major Gulf stock markets
Major Gulf stock markets were mixed in early trade on Tuesday amidst falling oil prices and on expectations that the U.S. Federal Reserve is likely done with interest rate hikes.
November has seen a general uptick in stock markets due to speculation that the Fed is finished tightening policy and that rate cuts may occur early next year.
This speculation was sparked by a flurry of data suggesting that U.S. inflation may be easing.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually directed by the decisions of the Fed, as most regional currencies are fixed to the dollar.
Saudi Arabia’s benchmark index (. TASI) edged 0.1 percent higher, helped by a 0.7 percent rise in ACWA Power Co (2082.SE) and a 1.9 percent increase in Power and Water Utility Co For Jubail and Yanbu (2083.SE).
The Qatari benchmark (. QSI) added 0.3 percent, with petrochemical maker Industries Qatar (IQCD.QA) advancing 1.3 percent.
In Abu Dhabi, the index (. FTFADGI) lost 0.2 percent.
Dubai’s main share index (.DFMGI) dropped 0.2 percent, hit by a 0.4 percent fall in blue-chip developer Emaar Properties (EMAR.DU).
Oil prices – a catalyst for the Gulf’s financial markets – eased, retreating the previous day’s meeting, as investors’ anticipation grow ahead of a meeting of OPEC+ this Sunday when the producer group may discuss deepening supply cuts due to slowing global growth.