Most Gulf markets ease ahead of US inflation data

Most Gulf stock markets were down in early trade on Monday, following Asian markets drop ahead of US inflation data later this week, as reported by Reuters.

Saudi Arabia’s benchmark index fell 0.4 per cent, with Jabal Omar Development dropping 5.3 per cent and Riyad Bank down 2.4 per cent, according to the report.

Al Rajhi Bank fell 1.4 per cent as it traded ex-dividend. Qatar’s benchmark index retreated 0.4 per cent, with Gulf International Services falling 1.6 per cent and Qatar National Bank (QNB) declining 0.6 per cent.

In Abu Dhabi, the benchmark index eased 0.1 per cent, with Abu Dhabi National Oil Co for Distribution (ADNOC) down 1.0 per cent and International Holding Co shedding 0.1 per cent.

Dubai’s benchmark index rose 0.3 per cent, driven by gains in industry, finance, and communication services sectors. Salik Co gained 1.4 per cent and Mashreqbank was up 4.7 per cent. Emirates NBD lost 0.9 per cent.

The key data event of the week will be the US core personal consumption expenditure (PCE) price index on Friday, expected to rise 0.3 per cent in February, maintaining the annual pace at 2.8 per cent.