حفلة 2024

Gulf stock market mixed in early trade

Gulf stock markets had a mixed performance in early trade on Monday as oil prices rose and investors awaited US economic data for clues on potential interest rate cuts by the Federal Reserve, Reuters reported.

Oil prices increased due to expectations of tighter supply from OPEC+ cuts, attacks on Russian refineries, and positive Chinese manufacturing data.

In Saudi Arabia, the benchmark stock index advanced 0.3 per cent, with Acwa Power rising 4.7 per cent and Saudi Arabian Mining gaining 2.2 per cent. Other gainers included Saudi Aramco and Al Rajhi Bank, both up 0.5 per cent.

In Abu Dhabi, the benchmark index was up 0.1 per cent, with gains in Abu Dhabi National Energy Co by 0.1 per cent and First Abu Dhabi Bank by 0.9 per cent, according to the report.

However, Dubai’s benchmark index retreated 0.5 per cent due to declines in Tecom Group and Mashreqbank, by 2.5 per cent and 4 per cent, respectively.

The Qatari benchmark index was relatively unchanged, with Qatar Islamic Bank and Qatar Electricity and Water rising, while Qatar International Islamic Bank and United Development Co fell.

Investors will closely watch US ISM manufacturing data, ISM services, and the non-farm payrolls report this week for more insight into the Fed’s interest rate cuts timeline.

Most Gulf currencies are pegged to the dollar, so any US monetary policy changes typically impact Saudi Arabia, the UAE, and Qatar.

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