Most Gulf stock markets closed higher on Thursday, buoyed by rising oil prices and growing expectations ahead of next week's U.S. Federal Reserve meeting, with investors awaiting key economic data for clearer insight into the Fed's future interest rate decisions.
Oil prices were steady on Thursday, with the market focused on Ukraine's attacks on Russian oil assets, while stalled peace talks tempered expectations of a deal restoring Russian oil flows.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.5%, with Saudi National Bank (1180.SE), opens new tab, the country's biggest lender by assets, rising 1.6% and telecoms firm Etihad Etisalat Co (7020.SE), opens new tab finishing 2.9% higher.
Elsewhere, oil giant Saudi Aramco (2222.SE), opens new tab was up 0.3%.
The kingdom's non-oil private sector business activity expanded at its fastest rate in 10 months in November, driven by robust demand and increased hiring, although new order growth slowed from the previous month, a survey showed on Wednesday.
Dubai's main share index (.DFMGI), opens new tab rose 0.4%, led by a 3.6% jump in top lender Emirates NBD (ENBD.DU), opens new tab and a 0.7% increase in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.4%.
U.S. private payrolls fell by 32,000 in November, the steepest decline in more than two-and-a-half years, Wednesday's ADP report showed. However, still-low layoff levels indicate this weakness might not accurately represent the labour market's underlying strength.
Traders now see an 89% probability of an interest rate cut next week, based on the CME FedWatch tool, and major brokerages likewise anticipate easing at the December 9–10 meeting.
Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
The Qatari index (.QSI), opens new tab eased 0.1%, with Qatar Islamic Bank (QISB.QA), opens new tab losing 1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab closed 0.4% higher.
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