The Qatari benchmark index (.QSI), opens new tab rose 0.4% after dropping to its lowest in nearly four years at yesterday's close. The index was lifted by a 4.2% increase in Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, and a 4% gain in Gulf International Services (GISS.QA), opens new tab.
However, for the month, the index was down 4.2%, its third straight monthly loss.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab bounced back after eight straight sessions of losses to end 0.5% higher. First Abu Dhabi Bank (FAB.AD), opens new tab, the UAE's largest lender, climbed 1.2% and ADNOC Logistics (ADNOCLS.AD), opens new tab rose 1.8%.
The energy major ADNOC's logistics unit, ADNOC CLS, and Hanwha Ocean signed a letter of intent on Thursday to construct at least three liquefied natural gas (LNG) carriers.
Dubai's benchmark index (.DFMGI), opens new tab was up 0.3%, after two consecutive sessions of losses.
The blue-chip developer Emaar Properties (EMAR.DU), opens new tab advanced 1.9% and Emirates NBD (ENBD.DU), opens new tab, the emirates' largest lender, rose 1.6%.
Saudi Arabia's benchmark stock index (.TASI), opens new tab dropped 1.7% to 11,503, its lowest in more than 5 months with all of its constituents posting losses. For the month, it was down 7.2%, its biggest monthly decline since September 2022.
Saudi National Bank (1180.SE), opens new tab, the kingdom's largest lender, slipped 3% and ACWA Power (2082.SE), opens new tab slumped 10%, the steepest percentage fall in more than two years.
Meanwhile, investors are awaiting U.S. inflation data on Friday to gauge the scale of interest rate cuts this year, with markets currently pricing just one rate cut from the Federal Reserve by the end of 2024.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was down for a fourth straight session, dipping 0.6%, but was up 10.1% for the month, its biggest monthly advance since January.
Among individual stocks, Talaat Mostafa Group (TMGH.CA), opens new tab dropped 4.7% and Misr Fertilizers Production (MFPC.CA), opens new tab declined 8.3%. Eastern Company (EAST.CA), opens new tab, however, surged 7.4% after the Egypt's largest cigarette manufacturer posted a 27% surge in its third-quarter net profit.
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