Major Gulf markets mixed; Focus on Fed minutes – Markets Reading Sexy News


Major stock markets in the Gulf showed a mixed performance on Tuesday, amid falling oil prices and expectations that the US Federal Reserve will end interest rate hikes.

The Fed’s November meeting minutes are likely to offer more clues about monetary policy after slowing inflation raised expectations that US interest rates will peak. The minutes will be published at 19:00 GMT.

Monetary policy in the six-member Gulf Cooperation Council (GCC) is generally guided by the decisions of the US Federal Reserve, as most regional currencies are pegged to the dollar.

The Qatar index rose 0.4%, paring the previous session’s losses, helped by a 1.8% rise in Industries Qatar and a 3% rise in Qatar International Islamic Bank.

Saudi Arabia’s benchmark index rose 0.1%, while Marafiq gained 1.7% and First Milling Co rose 3.2%.

Major Gulf markets relaxed, Saudis ended 4-day winning streak

In Abu Dhabi, the benchmark index fell 0.4% due to a 2.9% decline in Abu Dhabi Commercial Bank and a 1.1% decline in Abu Dhabi National Petroleum Distribution Company.

Dubai’s benchmark index fell 0.4%, marking three consecutive sessions of gains, led by a 0.7% decline in developer Emaar Properties and a 1.1% decline in Emirates Central Cooling Systems.

Oil prices, a catalyst for the Gulf’s financial markets, eased with Brent falling 0.5 percent to $81.94 a barrel by 13:00 GMT.

Outside the Gulf, Egypt’s blue chip index rose 0.1%, supported by a 4.5% rise in Telecom Egypt and a 4.3% rise in Misr Fertilizer.

 SAUDI ARABIA      rose 0.1% to 11,129
 KUWAIT            added 0.4% to 7,292
 QATAR             gained 0.4% to 10,226
 EGYPT             was up 0.1% to 24,774
 BAHRAIN           ended flat at 1,946
 OMAN              was up 0.1% to 4,621
 ABU DHABI         dropped 0.4% to 9,542
 DUBAI             fell 0.4% to 3,985

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