Mideast Stocks: Most Gulf markets slightly higher amid US shutdown concerns

Mideast Stocks: Most Gulf markets slightly higher amid US shutdown concerns

Most stock markets in the Gulf ended slightly higher on Wednesday, as the U.S. government shutdown raised concerns about the delay in the release of crucial jobs data, clouding future interest rate trends.

The U.S. government shut down much of its operations as partisan divisions prevented Congress and the White House from reaching a funding deal, setting off what could be a long, gruelling standoff that could lead to the loss of thousands of federal jobs.

The shutdown could also delay the release of key economic data, including the non-farm payrolls report due on Friday. 

Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar. 

Saudi Arabia's benchmark index added 0.2%, with Saudi Arabian Mining Company gaining 2.5%. 

In Abu Dhabi, the index inched 0.1% higher.

Oil prices - a catalyst for the Gulf's financial markets - steadied after falling for two days as investors weighed OPEC+ plans for a larger output hike next month, while data from the U.S. and Asia showed signs of demand waning.

Dubai's benchmark DFM General Index rose 0.5%, buoyed by gains in key stocks. Blue-chip real estate developer Emaar Properties advanced 2.7%. 

Elsewhere, supermarket operator Spinneys surged 3.9% following the announcement of its joint venture with Ayala Corp. to introduce premium grocery stores in the Philippines.

The Qatari benchmark, however, dropped 0.9%, hit by a 1.2% fall in the Gulf's biggest lender Qatar National Bank .

Outside the Gulf, Egypt's blue-chip index finished 0.3% higher, helped by a 1% rise in Commercial International Bank Egypt.