Most major stock markets in the Gulf rose in early trade on Monday, helped by positive earnings, while investors watched for further signs that the US Federal reserve might start to cut interest rates as soon as September.
The US Federal Reserve is due to review policy next on July 30-31, when investors expect it to keep rates unchanged. But they will look for further evidence that a cut will happen at the September meeting.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed’s decisions as most regional currencies are pegged to the US dollar.
Saudi Arabia’s benchmark index gained 0.2%, with Dr Soliman Abdel Kader Fakeeh Hospital advancing 5.7%.
The kingdom’s mining minister will visit Brazil and Chile over the coming two weeks, the ministry said on Sunday, as the world’s leading oil exporter seeks to expand its international presence in mining.
In Qatar, the index added 0.4%, with Qatar International Islamic Bank increasing 1.8%, following a rise in first-half net profit.
Elsewhere, Doha Bank added 0.3%, after reporting an increase in second-quarter net profit.
Most Gulf markets gain on earnings, US rate-cut hopes
The Abu Dhabi index was up 0.3%.
Oil prices - a catalyst for the Gulf’s financial markets - inched higher, with scant sign of progress on a ceasefire deal in Gaza as Israeli forces battled Palestinian fighters in the southern city of Rafah on Sunday.
Dubai’s main share index, however, slipped 0.2%, with blue-chip developer Emaar Properties losing 0.8%.
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