Mideast Stocks: Most Gulf markets fall after stronger than expected US jobs data

Commercial International Bank Egypt CIB

12/01/2025 13:19

By Ateeq Shariff
       Jan 12 (Reuters) - Most stock markets in the Gulf were
subdued on Sunday following stronger than expected U.S. jobs
data, which reinforced expectations that the Federal Reserve
will likely keep interest rates elevated for longer than many
traders were betting on.
    Fed decisions have a significant impact on the Gulf region's
monetary policy as most of the region's currencies are pegged to
the dollar.
    Friday's Labor Department figures showed the U.S. economy
created 256,000 jobs in December, beating analyst expectations
of 160,000, according to a Reuters poll of economists.
    Markets are now pricing in a single Fed cut no sooner than
June. Prior to the jobs report, traders were expecting the Fed
to cut as early as May, with a 50% probability of another cut
before year-end, according to CME's FedWatch tool.
    In Qatar, the index  .QSI  fell 0.4%, dragged lower by a
1.1% fall in the Gulf's biggest lender Qatar National Bank (QNB)
 QNBK.QA . QNB is scheduled to report 2024 earnings on Monday.
    Saudi Arabia's benchmark index  .TASI  nudged 0.2% higher,
helped by a 3.2% jump in SABIC Agri-nutrient Co  2020.SE .   
    Outside the Gulf, Egypt's blue-chip index  .EGX30  declined
0.6%, with Commercial International Bank  COMI.CA  losing 1.6%.
    The Muscat bourse was closed for a public holiday.
    
 SAUDI ARABIA   .TASI  rose 0.2% to 12,127
 QATAR          .QSI  lost 0.4% to 10,405
 EGYPT          .EGX30  down 0.6% to 29,277
 BAHRAIN        .BAX  eased 0.2% to 1,970
 KUWAIT         .BKP  fell 0.6% to 7,973
    

 (Reporting by Ateeq Shariff in Bengaluru; Editing by David
Holmes)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))