Stock markets in the Gulf put in a mixed performance in early trade on Monday amid rising oil prices while investors combed through U.S. economic data for signs of when the Federal Reserve will start cutting interest rates this year.
Oil prices - a catalyst for the Gulf's financial markets - rose on expectations of tighter supply from OPEC+ cuts, attacks on Russian refineries and upbeat Chinese manufacturing data.
Brent was up 0.3% at $87.3 a barrel by 0815 GMT.
Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.3% supported by gains in most sectors, with Acwa Power (2082.SE), opens new tab rising 4.7% and Saudi Arabian Mining (1211.SE), opens new tab gaining 2.2%.
Among other gainers, oil major Saudi Aramco (2222.SE), opens new tab and Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, both added 0.5%.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was up 0.1%, with Abu Dhabi National Energy Co (TAQA.AD), opens new tab gaining 1% and the UAE's largest lender First Abu Dhabi Bank (FAB.AD), opens new tab adding 0.9%.
Dubai's benchmark stock index (.DFMGI), opens new tab retreated 0.5% weighed down by a 2.5% drop in Tecom Group (TECOM.DU), opens new tab and a 4% decline in Mashreqbank (MASB.DU), opens new tab.
The Qatari benchmark index (.QSI), opens new tab was little changed with Qatar Islamic Bank (QISB.QA), opens new tab rising 1.6% and Qatar Electricity and Water (QEWC.QA), opens new tab adding 1.5%, while Qatar International Islamic Bank (QIIB.QA), opens new tab and United Development Co (UDCD.QA), opens new tab fell 6.5% and 5.8%, respectively.
The markets will focus on U.S. ISM manufacturing data, ISM services, and the closely-watched non-farm payrolls report due this week to get further clarity on the Fed's interest rate cuts timeline.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
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