Gulf Stock Markets Show Varied Performance Amidst Awaited US Fed Decisions

Gulf stock markets displayed a diverse pattern in their opening on Tuesday, with investors closely monitoring the forthcoming US Federal Reserve interest rate verdict and upcoming inflation figures, according to a report by Reuters.

In Saudi Arabia, the benchmark index witnessed a modest increase of 0.2 percent, propelled by gains across different sectors. Notable performers included Saudi Awwal Bank, up by 1.5 percent, and Mouwasat Medical, marking a significant rise of six percent. Seera Group also experienced a notable uptick of 4.3 percent, buoyed by robust financial results.

Abu Dhabi’s index saw a slight uptick of 0.1 percent, with TAQA and First Abu Dhabi Bank registering gains of 1.5 percent and 0.7 percent, respectively. Similarly, Dubai’s index inched up by 0.1 percent, supported by gains spanning multiple sectors. However, the Qatari index experienced a marginal decline of 0.2 percent, with Masraf Al Rayan and Qatar Navigation witnessing drops of 4.7 percent and 1.1 percent, respectively, although Qatar National Bank managed to rise by 0.8 percent.

The upcoming release of the PCE price index data on Friday holds the potential to sway market sentiment regarding possible rate adjustments.

Given the close correlation between Gulf currencies and the US dollar, any alterations in US monetary policy could exert significant influence on regional markets.



Leave a Reply

Your email address will not be published. Required fields are marked *