Most Gulf stock markets were subdued on Monday as investors turned cautious ahead of a long-awaited U.S. jobs report that could offer clearer signals on the health of the world's largest economy.
Following hawkish comments from U.S. Federal Reserve officials, traders now see more than a 56% chance the Fed will leave interest rates unchanged in December, compared with nearly a 94% probability of a 25-basis-point cut a month ago, according to the CME FedWatch Tool.
Monetary policy shifts in the U.S. tend to have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
The Qatari benchmark index (.QSI), opens new tab fell 0.4%, marking its fourth straight session of losses, with most constituents in the red. Industries Qatar (IQCD.QA), opens new tab dropped 1.3%, while Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, eased 1.1%.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab shed 0.1%, extending its losing streak to a fourth session, with most sectors declining. Conglomerate Alpha Dhabi (ALPHADHABI.AD), opens new tab fell 2.4% and Abu Dhabi Commercial Bank (ADCB.AD), opens new tab lost 1.5%.
Abu Dhabi National Energy Co (TAQA.AD), opens new tab rose 3.6% after Terra-Gen, jointly owned by Taqa's unit Masdar and Igneo Infrastructure Partners, said on Friday it had commissioned the Monte Cristo I wind power project in Texas. The project is expected to generate more than $100 million in property taxes, landowner payments and local contributions.
Saudi Arabia's benchmark stock index (.TASI), opens new tab traded in a narrow range, as gains in energy, real estate, communications and materials were offset by losses in most other sectors. ACWA Power (2082.SE), opens new tab slipped 1.1% and Advanced Petrochemical (2330.SE), opens new tab dropped 4.2%, while Saudi Arabian Mining (1211.SE), opens new tab Co rose 1.7%.
Saudi Aramco gained 1% after reports it would sign two U.S. liquefied natural gas supply deals with Woodside Energy and Commonwealth LNG during Crown Prince Mohammed bin Salman's visit to Washington.
Dubai's benchmark stock index (.DFMGI), opens new tab edged up 0.1% after three consecutive sessions of losses. Tolls operator Salik (SALIK.DU), opens new tab advanced 1.7% and Emirates NBD (ENBD.DU), opens new tab, the emirate's largest lender, added 1.2%, while Emaar Properties (EMAR.DU), opens new tab fell 2.2%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell 0.4%, pressured by a 1.4% decline in Commercial International Bank (COMI.CA), opens new tab.
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