Mideast Stocks: Gulf markets end mixed on further US rate cut hopes, falling oil
30/09/2025 14:22
Saudi index records best month in nearly 4 years Oil falls as OPEC+ plan adds to expectations of supply surplus Egypt's index hits fresh record high Egypt seen cutting interest rates by 100 basis points on Thursday Updates to market close By Ateeq Shariff Sept 30 - Stock markets in the Gulf ended mixed on Tuesday as lower oil prices tempered growing expectations of further U.S. Federal Reserve rate cuts. Recent U.S. economic data have had traders pricing in a roughly 89% chance of a 25-basis-point reduction at the next Fed meeting in October, according to CME Group's FedWatch tool. Investors now await U.S. data on job openings, private payrolls, the ISM manufacturing PMI and the non-farm payrolls report on Friday for further clues on the economy's health. Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar. Saudi Arabia's benchmark index .TASI gained 0.6%, extending gains from the previous session, led by a 1.8% rise in Al Rajhi Bank 1120.SE and a 3.5% surge in Dar Al Arkan Real Estate Development Company 4300.SE. Dar Global DARD.L, the international arm of Dar Al Arkan Real Estate Development, plans to build a $1 billion Trump Plaza project in Saudi Arabia's Jeddah as U.S. President Donald Trump's family business expands in the Gulf, the company said on Monday. The Saudi market's recovery could be sustained by several factors, including the solid fundamentals of the non-oil sector, the potential for continued monetary policy easing, and the easing of foreign ownership rules, said Daniel Takieddine, Co-founder and CEO of Sky Links Capital Group. "Conversely, uncertainty and continued volatility in oil prices at current levels remain a risk to broader market sentiment, especially if prices decline further." The Saudi index surged 7.5% in September 2025, marking its largest monthly gain since January 2022. However, oil giant Saudi Aramco 2222.SE declined 1.5%. Oil prices - a catalyst for the Gulf's financial markets - fell ahead of another anticipated production increase by OPEC+ and as the resumption of oil exports from Iraq's Kurdistan region via Turkey reinforced market expectations of a supply surplus. In Qatar, the index .QSI added 0.5%, with Qatar National Bank QNBK.QA, the Gulf's biggest lender by assets, gaining 2%. The Abu Dhabi index .FTFADGI finished 0.2% higher. Dubai's main share index .DFMGI dropped 0.5%, hit by a 1.9% fall in blue-chip developer Emaar Properties EMAR.DU. The emirate's index fell 3.7% in September, extending its monthly losses. According to Takieddine, the Dubai market remains in a correction phase. Outside the Gulf, Egypt's blue-chip index .EGX30 finished 0.8% higher to 36,670 point, trading at it highest, with Commercial International Bank COMI.CA increasing 1.3%. The Central Bank of Egypt is expected to lower its overnight interest rates by 100 basis points on Thursday as inflation continues to abate, a Reuters poll showed.
| Saudi Arabia | .TASI rose 0.6% to 11,503 |
| Abu Dhabi | .FTFADGI rose 0.2% to 10,015 |
| Dubai | .DFMGI dropped 0.5% to 5,840 |
| Qatar | .QSI gained 0.5% to 11,002 |
| Egypt | .EGX30 up 0.8% to 36,670 |
| Bahrain | .BAX eased 0.2% to 1.948 |
| Oman | .MSX30 was down 0.2% to 5,182 |
| Kuwait | .BKP fell 0.2% to 9,372 |
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