Mideast Stocks: Most Gulf bourses gain ahead of US economic data

Eastern

06/01/2025 13:22

By Ateeq Shariff
       Jan 6 (Reuters) - Most stock markets in the Gulf ended
higher on Monday as investors looked to minutes of the U.S.
Federal Reserve's most recent meeting and payrolls data due
later in the week for clues on the central bank's interest rate
path.
    Analysts expect U.S. December payrolls to have risen by
150,000, with unemployment holding at 4.2%. The data will be
released on Friday.
    Minutes of the Fed's December meeting due on Wednesday will
show whether its "dot plot" rate targets have shifted, while at
least seven top policymakers speak this week including
influential Fed Governor Christopher Waller.
    Fed decisions have a significant impact on the Gulf region's
monetary policy as most of its currencies are pegged to the U.S.
dollar.
    Saudi Arabia's benchmark index  .TASI  rose 0.3%, with the
country's biggest lender Saudi National Bank  1180.SE  climbing
1.1% and Al Rajhi Bank  1120.SE  closing 0.3% higher.
    Oil prices - a catalyst for the Gulf's financial markets -
steadied at their highest since mid-October as colder weather
spurred buying while further support came from expectations of
tighter sanctions on Iranian and Russian oil exports.
    Separately, Saudi Arabia is tapping global debt markets with
a planned three-part bond sale on Monday, fixed income news
service IFR reported, with proceeds expected to help cover its
budget deficit and pay down debt.
    Dubai's main share index  .DFMGI  advanced 1.3%, ending at
its highest in over 10 years, buoyed by a 4.9% surge in top
lender Emirates NBD  ENBD.DU .
    In Abu Dhabi, the index  .FTFADGI  finished 1.1% higher.
    The United Arab Emirates' non-oil private sector expanded at
its fastest pace in nine months in December, driven by strong
demand and increased business activity, a survey showed on
Monday.
    Outside the Gulf, Egypt's blue-chip index  .EGX30  dropped
0.8%, ending a three-day winning streak, hit by a 4.1% slide in
tobacco monopoly Eastern Company  EAST.CA .
    
 SAUDI ARABIA   .TASI  rose 0.3% to 12,105
 Abu Dhabi      .FTFADGI  up 1.1% to 9,428
 Dubai          .DFMGI  leapt 1.3% to 5,191
 QATAR          .QSI  added 0.1% to 10,486
 EGYPT          .EGX30  fell 0.8% to 29,930
 BAHRAIN        .BAX  eased 0.1% to 1,979
 OMAN           .MSX30  up 0.2% at 4,580
 KUWAIT         .BKP  added 0.1% to 7,897
 
 (Reporting by Ateeq Shariff in Bengaluru. Editing by Mark
Potter)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))