Mideast Stocks: Gulf stocks end mixed ahead of US jobs data; Egypt extends gains
08/01/2026 13:35
Updates to closing prices By Md Manzer Hussain BENGALURU, Jan 8 (Reuters) - Gulf equities were mixed on Thursday, tracking firmer oil prices as investors awaited key U.S. labour data that could help shape expectations for the Federal Reserve's interest-rate path. Oil prices, a key catalyst for Gulf markets, rose amid developments involving Venezuela and reports of progress on proposed U.S. sanctions legislation targeting countries doing business with Russia. Brent crude rose 1.4% to $60.78 a barrel by 1235 GMT. Saudi Arabia's benchmark stock index .TASI edged up 0.2%, supported by gains in energy, IT and financial shares. National Shipping Company 4030.SE jumped 10%, while Saudi National Bank 1180.SE, the kingdom's largest lender by assets, added 0.7%. Saudi Basic Industries Corp 2010.SE recovered from a near-17-year low hit earlier in the session to trade 0.5% higher after SABIC said it agreed to sell its European petrochemical business and its Engineering Thermoplastics business in Europe and the Americas for a combined enterprise value of $950 million. Dubai's benchmark stock index .DFMGI extended its rally for a sixth straight session, hovering near its highest level since 2008 and closing up 0.1% as communication, industrials and utilities advanced. Air Arabia AIRA.DU climbed 4.6% and Emirates Integrated Telecommunications DU.DU gained 1.1%, while Emaar Properties EMAR.DU fell 1% and toll operator Salik SALIK.DU dropped 1.1%. "The market held steady near a new 18-year high. The market could see further advances, backed by solid fundamentals and positive economic projections," said Joseph Dahrieh, managing director at Tickmill. The Qatari benchmark index .QSI fell 0.8%, with most stocks lower. Industries Qatar IQCD.QA shed 0.8% and Qatar National Bank QNBK.QA slid 1.3%. The Abu Dhabi benchmark index .FTFADGI snapped a two-session winning streak to end 0.1% lower. ADNOC Logistics ADNOCLS.AD fell 1.2% and Abu Dhabi National Energy Company TAQA.AD lost 1.9%, while Aldar Properties ALDAR.AD rose 1% after IFR reported the developer raised $1 billion from a U.S. dollar hybrid bond that priced with a 5.875% coupon and drew $2.9 billion of final orders. Investors are awaiting U.S. non-farm payrolls data due on Friday for further clues on the Fed's policy outlook. Gulf markets often track shifts in U.S. rate expectations because most regional currencies are pegged to the dollar. Outside the Gulf, Egypt's blue-chip index .EGX30 rose 0.8%, lifted by a 5.3% gain in Telecom Egypt ETEL.CA and a 1.3% rise in Commercial International Bank COMI.CA. Separately, Egypt's headline inflation is expected to have inched up to 12.5% in December from 12.3% in November, a Reuters poll showed on Wednesday.
| SAUDI ARABIA | .TASI up 0.2% to 10,473 |
| KUWAIT | .BKP lost 0.2% to 9,444 |
| QATAR | .QSI down 0.8% to 10,969 |
| EGYPT | .EGX30 rose 0.8% to 41,857 |
| BAHRAIN | .BAX down 0.3% to 2,058 |
| OMAN | .MSX30 up 0.4% to 6,126 |
| ABU DHABI | .FTFADGI fell 0.1% to 10,040 |
| DUBAI | .DFMGI gained 0.1% to 6,253 |
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