DUBAI: Most Gulf stock markets fell on Sunday after U.S economic data and comments from Federal Reserve officials pointed to a slower pace of interest-rate cuts.
Investors increased bets on the Fed leaving interest rates unchanged at its December meeting and dialled back expectations for easing in 2025.
The Fed’s decisions have a significant impact on monetary policy in the Gulf as most of the region’s currencies are pegged to the US dollar.
The Qatari benchmark index slipped 0.4%, with almost all of its constituents falling, led by the finance, communication and energy sectors.
Qatar National Bank, the region’s largest lender, lost 1.4% and Qatar Navigation was down 1.1%.
Saudi Arabia’s benchmark index snapped three sessions of losses, edging up 0.2% helped by gains in the IT, utilities, real estate, industry, healthcare and insurance sectors.
Medgulf rose 10% for its biggest daily gain in more than six months. The insurer said in a statement to the Saudi Exchange that it had received a circular from the Insurance Authority on a new mechanism for allocating reinsurance premiums to the local market.
Comments