Mideast Stocks: Most Gulf shares muted on lower oil prices; Fed symposium in focus

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

19/08/2025 14:47

By Md Manzer Hussain

Aug 19 (Reuters) - Most stock markets in the Gulf were restrained on Tuesday as oil prices fell and investors awaited signals from the U.S. Federal Reserve’s annual Jackson Hole conference later this week.

Crude prices, a catalyst for the Gulf's financial markets, slid 1.1% ahead of possible three-way talks involving Moscow, Kyiv and Washington to end the war in Ukraine, which would likely lead to the lifting of sanctions on Russian crude.

     The Qatari benchmark index .QSI fell 0.4%, declining for a third straight session as investors booked profits after an earnings-driven rally. Telecom company Ooredoo ORDS.QA dropped 2.9% and Commercial Bank COMB.QA lost 2%.

The Abu Dhabi benchmark index .FTFADGI fell marginally, extending its longest losing streak since February 2024, as declines in materials, financials and consumer discretionary stocks outweighed gains elsewhere.

Abu Dhabi Islamic Bank ADIB.AD fell 1.6% and E7 Group E7.AD slid 1.3%, while Pure Health Holding PUREHEALTH.AD and Abu Dhabi National Energy TAQA.AD rose 1.4% and 0.6%, respectively. TAQA’s unit Masdar and partners reached financial close on a roughly $1.1 billion solar project in Saudi Arabia.

Saudi Arabia's benchmark stock index .TASI was little changed, with ACWA Power 2082.SE up 1.3%, while oil major Saudi Aramco 2222.SE eased 0.3%.

Dubai's benchmark stock index .DFMGI was up for a fourth straight session and rose 0.4%, with most sectors higher. Emaar Properties EMAR.DU gained 1% and Dubai Electricity and Water Authority DEWAA.DU added 1.1% after the state utility said it began trial operations and electricity export from the Hatta pumped-storage hydropower plant to Dubai.

Investors are awaiting the Fed’s symposium in Jackson Hole that starts on Friday; Chair Jerome Powell’s remarks will be parsed for clues on the economic outlook and monetary policy.

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

Outside the Gulf, Egypt's blue-chip index .EGX30 rose 0.8%, lifted by a 1.4% gain in Commercial International Bank COMI.CA and a 2.2% rise in Fawry for BankingFWRY.CA. Arabian Cement ARCC.CA jumped 4.4% to a record high of 45.73 Egyptian pounds after reporting that second-quarter group profit more than tripled.

"Market was supported by healthy improvements in macroeconomic conditions and the potential for a further rate cut by (Egypt's) central bank, which meets next week", said Joseph Dahrieh, managing principal at Tickmill.

SAUDI ARABIA
.TASI ended flat at 10,882
KUWAIT
.BKP up 0.1% to 9,326
QATAR
.QSI fell 0.2% to 11,492
EGYPT
.EGX30 rose 0.8% to 36,100
BAHRAIN
.BAX lost 0.3% to 1,927
OMAN
.MSX30 fell 0.3% to 4,918
ABU DHABI
.FTFADGI ended flat at 10,210
DUBAI
.DFMGI added 0.4% to 6,151

 (Reporting by Md Manzer Hussain; Editing by Sahal Muhammed)

 ((mdmanzer.hussain@thomsonreuters.com; +91 8067498453;))