Most Gulf markets fell, Dubai gained – Markets ReadingS


Most stock markets in the Gulf fell on Monday as investors remained cautious ahead of the minutes of the US Federal Reserve’s latest meeting.

The Fed is expected to release minutes from its November meeting on Tuesday; These minutes will be parsed for clues about the direction of U.S. interest rates.

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 fell 0.6%, matching three consecutive sessions of gains, weighed down by a 1.4% drop in Industries Qatar and a 1.6% drop in Commercial Bank.

Most Gulf markets profit from rising oil prices

Qatar National Bank, the region’s largest lender, lost 1.1%.

Saudi Arabia’s benchmark index fell 0.2%, ending its four-day winning streak, while oil giant Saudi Aramco lost 0.9% and Elm Company lost 1.6%.

The benchmark index in Abu Dhabi followed a flat course; Abu Dhabi National Oil Company for Distribution gained 1.9% and Abu Dhabi Commercial Bank gained 1.2%.

However, Alpha Dhabi and Aldar Properties lost 1.6% and 0.4% respectively.

Dubai’s benchmark index ended 0.2% higher, rising for the third consecutive session, thanks to a 0.7% gain in developer Emaar Properties and a 1.1% gain in Dubai Islamic Bank.

Outside the Gulf, Egypt’s blue-chip index snapped a three-session winning streak and closed 0.6% lower; Talaat Mostafa Group Holding fell 3.3% and El Sewedy Electric Co fell 2.9%.

 SAUDI ARABIA     fell 0.2% to 11,119
 KUWAIT           lost 0.4% to 7,263
 QATAR            dropped 0.6% to 10,181
 EGYPT            declined 0.6% to 24,760
 BAHRAIN          added 0.1% to 1,945
 OMAN             was down 0.2% to 4,614
 ABU DHABI        ended flat at 9,575
 DUBAI            was up 0.2% to 4,002

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