Mideast Stocks: Most Gulf markets ease on weak oil, caution ahead of US data

Commercial International Bank Egypt CIB

12/11/2024 13:22

By Ateeq Shariff
       Nov 12 (Reuters) - Most stock markets in the Gulf ended
lower on Tuesday amid weak oil prices, with investors cautious
ahead of U.S. economic data and comments from Federal Reserve
officials this week.
    Saudi Arabia's benchmark index  .TASI  dropped 0.5%, hit by
a 1.4% fall in aluminium products manufacturer Al Taiseer Group
 4143.SE  and a 1.1% decrease in Al Rajhi Bank  1120.SE .
    Oil prices - a catalyst for the Gulf's financial markets -
steadied, recovering from a 5% drop over the previous two
sessions, as investors absorbed OPEC's latest downward revision
for oil demand and the market's disappointment over China's
latest stimulus plan.
    The Saudi energy index  .TENI  was down 0.1%.
    In Abu Dhabi, the index  .FTFADGI  eased 0.2%.
    Investors are also bracing for further signals from U.S.
inflation data and Fed speakers this week.
    Markets are pricing in an 87% chance of the Fed cutting
rates in December by 25 basis points.
    Monetary policy in the six-member Gulf Cooperation Council
(GCC) is usually guided by the Fed's decisions, as most regional
currencies are pegged to the U.S. dollar.
    The Qatari index  .QSI  retreated 1.4%, weighed down by a
2.3% decline in the Gulf's biggest lender Qatar National Bank
 QNBK.QA  and a 3.3% decrease in petrochemical maker Industries
Qatar  IQCD.QA .
    Dubai's main share index  .DFMGI , however, advanced 1.1%,
led by a 3.7% rise in toll operator Salik Co  SALIK.DU  and a
10.3% surge in Emaar Development  EMAARDEV.DU  after the
developer reported higher nine-month net profit.
    Outside the Gulf, Egypt's blue-chip index  .EGX30  fell
0.1%, with Commercial International Bank  COMI.CA  dropping
0.5%.
   
 SAUDI ARABIA   .TASI  fell 0.5% to 12,048
 ABU DHABI      .FTFADGI  lost 0.2% to 9,420
 DUBAI          .DFMGI  gained 1.1% to 4,701
 QATAR          .QSI  dropped 1.4% to 10,458
 EGYPT          .EGX30  lost 0.1% to 31,582
 BAHRAIN        .BAX  was up 0.1% to 2,029
 OMAN           .MSX30  down 0.2% to 4,672
 KUWAIT         .BKP  added 0.2% to 7,799
 
 (Reporting by Ateeq Shariff in Bengaluru
Editing by Mark Potter)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))