Most stock markets in the Gulf ended little changed on Sunday and the Saudi index dipped, with weaker oil prices dampening sentiment after earlier gains fuelled by dovish signals from the U.S. Federal Reserve.
Oil prices , a catalyst for the Gulf's financial markets, fell on Friday, with a possibility of a ceasefire in Gaza, the stronger dollar and lower U.S. gasoline demand all weighing.
The Qatari benchmark index (.QSI), opens new tab was up marginally with gains in communication services, materials, consumer staples, and energy sectors offsetting the losses in finance, industry and real estate.
Qatar Gas Transport (QGTS.QA), opens new tab and Ooredoo (ORDS.QA), opens new tab rose 0.7% and 1.1%, respectively, while Qatar National Bank(QNBK.QA), opens new tab, the region's largest lender, and Industries Qatar (IQCD.QA), opens new tab both closed down 0.3%.
Saudi Arabia's benchmark index (.TASI), opens new tab retreated 0.3%, after a previous session of gains with almost all sectors in the red.
ACWA Power (2082.SE), opens new tab fell 1.7% and Saudi National Bank(1180.SE), opens new tab, the kingdom's largest lender, shed 0.9%.
Among other losers, ADES Holding (2382.SE), opens new tab and Savola Group (2050.SE), opens new tab fell 2.4% and 2.5%, respectively.
Earlier in the week, the Fed left rates unchanged but signaled it was still on track for three rate cuts this year, boosting stock markets around the world.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy changes are usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was little changed as gains in materials, consumer staples, finance, and communication sectors offset losses in healthcare, industries and real estate.
E-Finance (EFIH.CA), opens new tab and Fawry for Banking Technology (FWRY.CA), opens new tab climbed 10.3% and 7.2% respectively, while Talaat Mostafa (TMGH.CA), opens new tab dropped 4.2% and El Sewedy Electric (SWDY.CA), opens new tab slipped 4.6%.
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