Dubai's benchmark share index surged on Tuesday to its highest level in more than a decade, while most other markets in the Gulf tracked global equities lower ahead of the U.S. Federal Reserve's monetary policy meeting later this week.
Dubai's benchmark stock index (.DFMGI), opens new tab extended its rally to a second straight session, rising 0.6% to 5,080, its highest in 10 years and three months.
Shares of Emaar Properties (EMAR.DU), opens new tab were up for a second day, rising 15% to their highest in nearly 19 years, after the developer said on Monday it had planned to declare dividends at 100% of share capital for 2024 and the next few years, amounting to 8.80 billion dirhams ($2.4 billion).
The Qatari benchmark index (.QSI), opens new tab snapped its six-session winning streak and slipped 1.1%, with almost all stocks in the red. Industries Qatar (IQCD.QA), opens new tab dropped 2.7% and Qatar Islamic Bank (QISB.QA), opens new tab slid 1.1%.
Saudi Arabia's benchmark stock index (.TASI), opens new tab slipped 1.2%, with all sectors in the negative territory. Oil major Saudi Aramco (2222.SE), opens new tab dropped 1.2% and Almarai (2280.SE), opens new tab lost 4.3%.
Savola Group (2050.SE), opens new tab soared 10% after the Kingdom's largest foods producer said on Sunday its shareholders approved the board's proposal to reduce capital and compensate by paying 8.34 billion riyals ($2.22 billion) in the form of Almarai shares.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab was down 0.2%, pressured by losses in most sectors. Aldar Properties (ALDAR.AD), opens new tab lost 1.1% while ADNOC Gas (ADNOCGAS.AD), opens new tab slid 1.2% after the natural gas producer appointed a new CEO.
Among other fallers, ADNOC Drilling (ADNOCDRILL.AD), opens new tab was down 0.5%. The drilling unit of state-owned energy giant ADNOC, said it has formed an 'unconventional' energy venture with SLB, Patterson-UTI.
Meanwhile, the U.S. central bank is expected to cut rates by a quarter of a percentage point at its Dec. 17-18 meeting, which will also provide an updated look at how much further Fed officials think they will reduce rates in 2025 and perhaps into 2026.
The Fed's decisions impact monetary policy in the Gulf, where most currencies, including the riyals, are pegged to the U.S. dollar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was down 0.6%, weighed down by a 2% drop in Commercial International Bank (COMI.CA), opens new tab and a 3.6% fall in Abu Qir Fertilizers (ABUK.CA), opens new tab.
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