DUBAI: Stock markets in the Gulf slipped on Monday as investors turned cautious ahead of the US inflation data this week, while the Dubai index halted a three-session losing streak.
The Federal Reserve’s preferred measure of inflation, core personal consumption expenditures, due on Friday, will be closely watched for clues on the US central bank’s interest rate cut path.
Most Gulf currencies are pegged to the dollar, and any Fed action on rates is usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
The Qatari benchmark index was down for a fourth day, falling 0.7% to 9,332, its lowest level in seven months, with most constituents posting losses.
Qatar National Bank, the region’s largest lender, dropped 1.5% and Qatar Navigation fell 1.9%.
Saudi Arabia’s benchmark stock index slipped for a third consecutive session to end 0.2% lower, with almost all sectors in the red. Riyad Bank lost 2.7% and Etihad Etisalat dropped 2%.
The Abu Dhabi benchmark index fell marginally, with conglomerate Alpha Dhabi Holding losing 1% and National Marine Dredging dropping 1.7%.
Among other losers, energy major ADNOC’s three units ADNOC Distribution, ADNOC Drilling, and ADNOC Logistics fell 1.1%, 1.5% and 2.2%, respectively.
Meanwhile, energy giant ADNOC announced an increase in its local manufacturing target for critical industrial products in its procurement pipeline to 90 billion dirhams ($24.5 billion) by 2030 from the previous target of 70 billion dirhams ($19 billion) by 2027 as part of its in-country value (ICV) program.
Dubai’s benchmark index bounced back after three straight sessions of losses to end 0.4% higher, supported by gains in consumer staples, communications and finance.
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