Most stock markets in the Gulf tracked Asian peers higher in early trading on Wednesday after softer U.S. labor market data reaffirmed expectations of an interest rate cut by the Federal Reserve in September.
Data on Tuesday showed that U.S. job openings fell to their lowest level in more than three years in April, signaling an easing in labor market tightness.
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.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab was up 0.2%, with the conglomerate International Holding Company (IHC.AD), opens new tab adding 0.6% and First Abu Dhabi Bank (FAB.AD), opens new tab, the UAE's largest lender, gaining 1%.
Dubai's benchmark stock index (.DFMGI), opens new tab edged up 0.1%, aided by gains in finance, real estate and consumer discretionary sectors, with Mashreqbank (MASB.DU), opens new tab rising 1% and Emaar Properties (EMAR.DU), opens new tab adding 0.5%.
Meanwhile, capacity constraints weighed on non-oil business activity in the United Arab Emirates in May with output growth at its slowest in 16 months, a survey showed on Wednesday.
The Qatari benchmark index (.QSI), opens new tab rose 0.2%, supported by a 1.2% rise in Industries Qatar (IQCD.QA), opens new tab and a 0.8% gain in Qatar Gas Transport (QGTS.QA), opens new tab.
Saudi Arabia's benchmark stock index (.TASI), opens new tab slipped 0.7%, dragged down by losses in all sectors. Saudi Arabian Mining (1211.SE), opens new tab dropped 1.7% and ACWA Power (2082.SE), opens new tab slid 2.4%.
However, shares of Dr Soliman Abdel Kader Fakeeh Hospital (4017.SE), opens new tab rose 10% to 63.20 riyals compared with its IPO price of 57.5 riyals per share in its market debut.
No comments:
Post a Comment