Most stock markets in the Gulf ended lower yesterday as investors awaited a crucial US inflation reading and comments from Federal Reserve officials this week.
Dubai’s benchmark stock index retreated after the previous session’s gains, slipping 0.3 per cent. Business park operator Tecom Group dropped 2.2pc, and Dubai Islamic Bank slid 1.7pc. Spinneys 1961 Holding climbed 3.6pc after the grocery retailer opened a store in Saudi Arabia and expected to open 12 more by 2028.
Saudi Arabia’s benchmark stock index was down 0.3pc after the previous session’s gains, with most sectors in the red. ACWA Power declined 3.6pc and Dr Sulaiman Al Habib Medical Services slipped 3.1pc.
The Abu Dhabi benchmark index was up 0.1pc, with Multiply Group rising 4.1pc and First Abu Dhabi Bank, the UAE’s largest lender, climbing 1.4pc. Among other gainers, ADNOC Distribution and ADNOC Logistics added 0.6pc and 1.2pc, respectively. Their owner, energy giant Abu Dhabi National Oil Co (ADNOC), and German chemicals firm Covestro have entered into concrete negotiations on a potential takeover deal worth 11.7 billion euros.
The Qatari benchmark index was up 0.6pc, extending its gains for a fifteenth session, the longest rally in a year. Qatar National Bank, the region’s largest lender, added 0.8pc and Qatari telecoms group Ooredo advanced 1.4pc. Nvidia has signed a deal to deploy its artificial intelligence technology at data centres owned by Ooredoo in five Middle Eastern countries. In the US, the personal consumption expenditures (PCE) price index was due on Friday.
A low result would likely reinforce market bets on a Fed rate cut as early as September, which futures currently price as a 65pc prospect. Most Gulf currencies are pegged to the dollar, and any US monetary policy change is usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt’s blue-chip index snapped a five-session winning streak to fall 0.6pc, with most sectors posting losses. Telecom Egypt slid 6.6pc and El Sewedy Electric dropped 1.2pc. GB Corp and Misr Fertilisers Production climbed 6.5pc and 3.4pc, respectively.
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