DUBAI: Most stock markets in the Gulf ended lower on Monday, hurt by concerns that the US Federal Reserve would slow its pace of interest-rate cuts, while the Qatar and Saudi indices rose amid higher oil prices.
Investors increased bets on the Fed leaving interest rates unchanged at its December meeting and dialed back expectations for easing in 2025.
The Fed’s decisions have a significant impact on the Gulf region’s monetary policy, as most currencies there are pegged to the US dollar.
Dubai’s benchmark stock index slipped 0.6%, weighed down by losses in utilities, consumer staples and industry sectors.
Gulf Navigation Holding, or GULFNAV, dropped 7% to 5.29 dirhams per share, its lowest in nearly 1-1/2 years. The maritime and shipping firm posted an 84% decrease in quarterly net profit on Friday.
The Abu Dhabi benchmark index snapped two sessions of gains, falling 0.6% in its biggest daily loss in over a month. Conglomerate International Holding and its unit Alpha Dhabi slipped 1.6% and 2%, respectively.
However, Lulu Retail gained 1%, the stock’s first session of gains since it debuted trading on Thursday.
The Middle East’s biggest hypermarket chains operator, Lulu, raised $1.72 billion in its initial public offering, the UAE’s largest listing so far this year.
The Qatari benchmark index rose 0.4%, aided by a 1.7% gain in Qatar National Bank, the region’s largest lender, and a 1.1% increase in Barwa Real Estate.
Saudi Arabia’s benchmark stock index was up 0.2%, with Saudi Aramco gaining 0.5%. The oil major said it and Sinopec Corp have started constructing a refinery and petrochemical complex in southeast China’s Fujian province.
Among other gainers, Banan Real Estate surged 7.7% after the Exchange approved its transfer to the main market.
Comments
Comments are closed.