Most major stock markets in the Gulf rose in early trade on Monday, helped by positive earnings, while investors watched for further signs that the U.S. Federal reserve might start to cut interest rates as soon as September.
The U.S. Federal Reserve is due to review policy next on July 30-31, when investors expect it to keep rates unchanged. But they will look for further evidence that a cut will happen at the September meeting.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.2%, with Dr Soliman Abdel Kader Fakeeh Hospital (4017.SE), opens new tab advancing 5.7%.
The kingdom's mining minister will visit Brazil and Chile over the coming two weeks, the ministry said on Sunday, as the world's leading oil exporter seeks to expand its international presence in mining.
In Qatar, the index (.QSI), opens new tab added 0.4%, with Qatar International Islamic Bank (QIIB.QA), opens new tab increasing 1.8%, following a rise in first-half net profit.
Elsewhere, Doha Bank (DOBK.QA), opens new tab added 0.3%, after reporting an increase in second-quarter net profit.
The Abu Dhabi index (.FTFADGI), opens new tab was up 0.3%.
Oil prices - a catalyst for the Gulf's financial markets - inched higher, with scant sign of progress on a ceasefire deal in Gaza as Israeli forces battled Palestinian fighters in the southern city of Rafah on Sunday.
Dubai's main share index (.DFMGI), opens new tab, however, slipped 0.2%, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab losing 0.8%.
No comments:
Post a Comment