Stock markets in the Gulf ended mixed on Tuesday ahead of U.S. economic data expected to offer clues to the next steps by the Federal Reserve, while widening conflict in the region weighed on sentiments.
The U.S. Commerce Department will announce third-quarter gross domestic product on Thursday, while the Personal Consumption Expenditures (PCE) report, the U.S. central bank's preferred inflation gauge, is due on Friday.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy decisions because most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI) gained 0.8%, snapping four sessions of losses, led by a 2.7% rise in Lumi Rental Co (4262.SE) and a 4.4% jump in Alinma Bank (1150.SE).
Post trading hours, the lender reported a quarterly net profit of 1.32 billion riyals ($351.89 million), up from 989 million riyals year ago.
Separately, the kingdom's Tourism Minister Ahmed Al Khateeb said on Tuesday the kingdom could record almost 100 million tourist visits this year, with tourism contributing around 6% of gross domestic product.
Dubai's main share index (.DFMGI) added 0.3%, helped by a 1.8% rise in blue-chip developer Emaar Properties (EMAR.DU).
Oil - a catalyst for the Gulf's financial markets - recovered some of the previous day's losses as markets worried that the Israel-Hamas war could escalate into a wider conflict in the crude-exporting region.
The Qatari benchmark (.QSI) declined 2.3%, hitting its lowest in over three years, as almost all its constituents were in negative territory including Qatar Islamic Bank (QISB.QA), which was down 3.9%.
Among other losers, petrochemical firm Mesaieed Petrochemical Holding Co (MPHC.QA) tumbled 5.8%, following a steep fall in nine-month net profit.
Israel said on Tuesday it had killed dozens of Hamas fighters overnight in strikes on Gaza but that its war to destroy them, which involves bombarding and blockading the Palestinian enclave, would take time.
Gaza's health ministry said at least 5,791 Palestinians have been killed in the strikes on the Hamas-ruled enclave since Oct. 7, including 2,360 children. A total of 704 were killed in the previous 24 hours alone, it said.
Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 0.8%, with tobacco monopoly Eastern Co (EAST.CA) retreating 11%.
No comments:
Post a Comment