Stock markets in the Gulf tracked global peers higher on Thursday, led by the Qatar index, as the optimism around potential U.S. interest rate cuts raised investors' risk appetite.
Data on Wednesday showed lower growth in the U.S. services industry and bolstered optimism over the potential easing of monetary policy. Sentiment was aided by a reaffirmation from Federal Reserve Chair Jerome Powell that U.S. rates were still on course to be cut this year, though the timing was data-dependent.
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.
The Qatari benchmark index (.QSI), opens new tab advanced 1.3%, the highest intraday rise in three months, with most sectors posting gains, led by industry, real estate and finance.
Qatar Islamic Bank (QISB.QA), opens new tab and Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, rose 1.8% and 1.4%, respectively, while Industries Qatar (IQCD.QA), opens new tab gained 2.8%.
But the index was down for the third week in a row.
Saudi Arabia's benchmark stock index (.TASI), opens new tab rose for the fourth straight session, up 0.7%, with most of its constituents posting gains.
Saudi Basic Industries (2010.SE), opens new tab gained 2.7% and ACWA Power (2082.SE), opens new tab climbed 4.3%, while the kingdom's largest lender, Saudi National Bank (1180.SE), opens new tab and Etihad Etisalat (7020.SE), opens new tab added 1% and 3.6%, respectively.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab rose 0.3%, lifted by a 2.3% gain in Multiply Group (MULTIPLY.AD), opens new tab and a 1.2% rise in First Abu Dhabi Bank (FAB.AD), opens new tab, the UAE's largest lender. National Marine Dredging (NMDC.AD), opens new tab and Presight AI Holding (PRESIGHT.AD), opens new tab increased 1.9% and 7.4%, respectively.
Dubai's benchmark index (.DFMGI), opens new tab edged up 0.2%, helped by gains in industry and utilities sectors with tolls operator Salik Company (SALIK.DU), opens new tab rising 3% and Mashreqbank (MASB.DU), opens new tab climbing 4.7%. Emirates NBD (ENBD.DU), opens new tab, the emirate's biggest lender, however, slipped 1.2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 2%, with almost all stocks in the green, including Talaat Mostafa (TMGH.CA), opens new tab and Commercial International Bank (COMI.CA), opens new tab, which rose 5.3% and 1.3%, respectively.
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