Most Gulf markets gain ahead of US inflation data; Abu Dhabi falls | Reuters
Most major stock markets in the Gulf rose in early trade on Wednesday ahead of U.S. inflation data that could provide clues to the Federal Reserve's rate hike path going ahead.
Most Gulf Cooperation Council (GCC) countries, including Quatar, Saudi Arabia and the United Arab Emirates, have their currencies pegged to the U.S. dollar and follow the Fed's policy moves closely, exposing the region to a direct impact from monetary tightening in the world's largest economy.
Saudi Arabia's benchmark index (.TASI) gained 0.7%, with Riyad Bank (1010.SE) rising 2.4% and Saudi National Bank (1180.SE) putting on 2.2%.
Separately, the kingdom has signed a Treaty of Amity and Cooperation with the Association of Southeast Asian Nations (ASEAN), Saudi state news agency reported on Wednesday.
Dubai's main share index (.DFMGI) rose 0.2%, trading at its highest since late 2015, driven by a 0.7% rise in blue-chip developer Emaar Properties (EMAR.DU).
Dubai residential property prices in the year to June 30 rose at their fastest in almost a decade, climbing by 16.9%, while average rents jumped by 22.8%, property consultancy CBRE said on Tuesday.
The average apartment price per square foot reached 1,294 dirhams ($352.31) and villas averaged 1,525 dirhams per sq ft.
In Qatar, the index (.QSI) was up 0.1%, helped by a 1.3% rise in petrochemical maker Industries Qatar (IQCD.QA).
The Abu Dhabi index (.FTFADGI), however, bucked the trend to trade 0.1% lower.
Oil prices - which fuels the Gulf's economy - barely moved as markets weighed a possible build in U.S. crude stockpiles and economic concerns against planned supply cuts by the world's biggest oil exporters and hopes for higher global demand.
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