Mideast Stocks: Most Gulf markets gain on Fed rate cuts, Gaza ceasefire

The Commercial Bank (P.S.Q.C.)

16/01/2025 13:33

By Ateeq Shariff
       Jan 16 (Reuters) - Most stock markets in the Gulf ended
higher on Thursday, driven by softer core U.S. inflation data
that fuelled hopes for Federal Reserve rate cuts.
    Data showed on Wednesday the U.S. consumer price index (CPI)
rose 2.9% year on year in December, meeting expectations, while
core inflation increased by 3.2%, marginally below the predicted
3.3%.
    Investors drew encouragement from the inflation data, which
was further bolstered by Tuesday's release of U.S. producer
price data showing moderate growth in December.
    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 dollar.
    Saudi Arabia's benchmark index  .TASI  gained 0.4%, with Al
Rajhi Bank  1120.SE  rising 0.5% and the country's biggest
lender Saudi National Bank  1180.SE  advancing 1.3%.
    In Qatar, the index  .QSI  ended 0.4% higher, led by a 2.4%
increase in Commercial Bank  COMB.QA  and a 1.5% rise in Dukhan
Bank  DUBK.QA  ahead of its earnings announcement.
    Meanwhile, Hamas and Israel reached a deal for a ceasefire
in Gaza that mediators said would take effect on Sunday and
include a release of hostages held there during 15 months of
bloodshed that devastated the Palestinian enclave and inflamed
the Middle East.
    Dubai's main share index  .DFMGI  fell 0.3%, hit by a 3.9%
slide in utility firm Dubai Electricity and Water Authority
 DEWAA.DU .  
    However, Emaar Properties  EMAR.DU  added 0.8%, after
Dubai's largest listed real estate firm said on Thursday it is
in talks with "a few groups" in India including Adani Group to
sell a stake of its Indian business.
    Outside the Gulf, Egypt's blue-chip index  .EGX30  was up
0.7%, with Commercial International Bank  COMI.CA  rising 1.1%.
    
     
 SAUDI ARABIA   .TASI  rose 0.4% to 12,256
 Abu Dhabi      .FTFADGI  fell 0.1% to 9,506
 Dubai          .DFMGI  lost 0.3% to 5,236
 QATAR          .QSI  gained 0.4% to 10,472
 EGYPT          .EGX30  rose 1.8% to 29,605
 BAHRAIN        .BAX  was up 0.3% to 1,900
 OMAN           .MSX30  added 0.4% to 4,622
 KUWAIT         .BKP  finished flat at 8,010
    

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