Mideast Stocks: Softer oil price prompts fall in most Gulf markets

Commercial International Bank Egypt CIB

25/11/2025 13:13

Updates to closing prices

By Ateeq Shariff

Nov 25 (Reuters) - Most Gulf stock markets ended lower on weak oil prices on Tuesday, although revived expectations of a U.S. interest rate cut in December limited losses.

Oil prices - a catalyst for the Gulf's financial markets - eased as oversupply concerns outweighed worries that Russian shipments will remain under sanctions as talks to end the Ukraine war remain inconclusive.

Saudi Arabia's benchmark index .TASI was down 1.5%, dragged lower by a 2.7% fall in Saudi Aramco 2222.SE shares. Bloomberg News reported that the oil giant is exploring options to raise several billion dollars through asset sales.

Dubai's main share index .DFMGI gave up early gains to close 0.1% lower, with Emaar Properties EMAR.DU falling 1.1%.

Dubai approved a 2026-2028 budget with 302.7 billion dirhams ($82.42 billion) in expenditure and 329.2 billion dirhams in revenue, the state news agency said on Sunday.

In Abu Dhabi, the index .FTFADGI ended 0.1% lower.

The Qatari index .QSI declined 0.9%, with shares in Qatar Islamic Bank QISB.QA losing 1.1%.

U.S. Federal Reserve Governor Christopher Waller said on Monday that the labor market has softened sufficiently to justify a 25-basis-point rate cut at the December meeting, but any further easing will hinge on a wave of economic data that was delayed by the recent government shutdown.

His remarks follow New York Fed President John Williams' comment on Friday that interest rates are likely to decline "in the near term".

Investors are now pricing in an 81% chance of a rate cut in December, up from 40% last week, the CME FedWatch Tool shows.FEDWATCH

U.S. monetary policy shifts have a significant impact on Gulf markets, where most currencies are pegged to the dollar.

Outside the Gulf, Egypt's blue-chip index .EGX30 gained 0.5%, with Commercial International Bank COMI.CA rising 3.2%.

Saudi Arabia
.TASI dropped 1.5% to 10,687
Abu Dhabi
.FTFADGI eased 0.1% to 9,761
Dubai
.DFMGI was down 0.1% to 5,823
Qatar
.QSI declined 0.9% to 10,607
Egypt
.EGX30 gained 0.7% to 40,015
Bahrain
.BAX fell 0.4% to 2,030
Oman
.MSX30 finished flat at 5,636
Kuwait
.BKP was up 0.3% to 9,427

($1 = 3.6726 UAE dirham)

 (Reporting by Ateeq Shariff in Bengaluru; Editing by Aidan Lewis and Alexander Smith)

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