Mideast Stocks: Most Gulf markets slightly higher amid US shutdown concerns

Commercial International Bank Egypt CIB

01/10/2025 14:41

Updates with market moves

By Ateeq Shariff

Oct 1 (Reuters) - Most stock markets in the Gulf ended slightly higher on Wednesday, as the U.S. government shutdown raised concerns about the delay in the release of crucial jobs data, clouding future interest rate trends.

The U.S. government shut down much of its operations as partisan divisions prevented Congress and the White House from reaching a funding deal, setting off what could be a long, grueling standoff that could lead to the loss of thousands of federal jobs.

The shutdown could also delay the release of key economic data, including the non-farm payrolls report due on Friday.

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 added 0.2%, with Saudi Arabian Mining Company  1211.SE gaining 2.5%.

In Abu Dhabi, the index .FTFADGI inched 0.1% higher.

Oil prices - a catalyst for the Gulf's financial markets - steadied after falling for two days as investors weighed OPEC+ plans for a larger output hike next month, while data from the U.S. and Asia showed signs of demand waning.

Dubai's benchmark DFM General Index .DFMGI rose 0.5%, buoyed by gains in key stocks. Blue-chip real estate developer Emaar Properties EMAR.DU advanced 2.7%.

Elsewhere, supermarket operator Spinneys SPINNEYS.DU surged 3.9% following the announcement of its joint venture with Ayala Corp. AC.PS to introduce premium grocery stores in the Philippines.

The Qatari benchmark .QSI, however, dropped 0.9%, hit by a 1.2% fall in the Gulf's biggest lender Qatar National Bank QNBK.QA.

Outside the Gulf, Egypt's blue-chip index .EGX30 finished 0.3% higher, helped by a 1% rise in Commercial International Bank Egypt  COMI.CA.

Saudi Arabia
.TASI rose 0.2% to 11,529
Abu Dhabi
.FTFADGI added 0.1% to 10,028
Dubai
.DFMGI gained 0.8% to 5,888
Qatar
.QSI dropped 0.9% to 10,955
Egypt
.EGX30 added 0.3% to 36,769
Bahrain
.BAX was up 0.1% to 1,951
Oman
.MSX301 rose 0.1% to 5,182
Kuwait
.BKP eased 0.2% to 9,372

 (Reporting by Ateeq Shariff in Bengaluru; Editing by Janane Venkatraman and Ros Russell)

 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788))