Most stock markets in the Gulf were subdued in early trading on Wednesday, as caution prevailed ahead of the U.S. inflation data for clues on the Federal Reserve's interest rate cut strategy.
Dubai's benchmark stock index (.DFMGI), opens new tab eased 0.2% weighed down by losses in industry, utilities and communication sectors, with tolls operator Salik Company (SALIK.DU), opens new tab sliding 1.2% and National Central Cooling (TABR.DU), opens new tab dropping 2.4%.
Abu Dhabi's benchmark stock index (.FTFADGI), opens new tab was down 0.1% with First Abu Dhabi Bank (FAB.AD), opens new tab, the UAE's largest lender, shedding 0.7% and Fertiglobe (FERTIGLB.AD), opens new tab sliding 2.2%.
MENA's largest nitrogen fertilizer maker, Fertiglobe posted a 14% drop in its first-quarter net profit on Tuesday.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was little changed in early trading, with ACWA Power (2082.SE), opens new tab gaining 4.6%, while oil giant Saudi Aramco (2222.SE), opens new tab slipped 1.7% and Saudi Electricity (5110.SE), opens new tab dropped 5%.
The Qatari benchmark index (.QSI), opens new tab rose 0.3%, helped by a 3.1% gain in Qatar Gas Transport (QGTS.QA), opens new tab and a 1.7% rise in Masraf Al Rayan (MARK.QA), opens new tab.
Investors are awaiting the U.S. Consumer Price Index data due later in the day for clues to when the Fed will consider cutting interest rates.
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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