Stock markets in the Gulf put a mixed performance in early trading on Monday, as investors awaited a key U.S. inflation reading and comments from the Federal Reserve officials this week.
Dubai’s benchmark stock index (.DFMGI), retreated from the previous session’s gains and slipped 0.5%, with most sectors in the red. The blue-chip developer Emaar Properties (EMAR.DU), dropped 1.5% and Dubai Islamic Bank (DISB.DU),slid 1%.
The Abu Dhabi benchmark index (.FTFADGI), fell marginally, with Emirate’s largest developer Aldar Properties (ALDAR.AD), losing 1.3% while Multiply Group (MULTIPLY.AD),and Alef Education (ALEFEDT.AD), gained 2.1% and 4.3%, respectively.
Saudi Arabia’s benchmark stock index (.TASI), was up 0.1%, lifted by gains in finance and industry stocks. Saudi National Bank (1180.SE), the kingdom’s largest lender, rose 1.9% and ADES Holding added 1.6%. However, ACWA Power (2082.SE), and oil major Saudi Aramco (2222.SE), slipped 2.5% and 0.5%, respectively.
The Qatari benchmark index (.QSI), was up 0.2%, helped by gains in most sectors, led by communications services and utilities and with Qatar Electricity and Water Co (QEWC.QA), rising 1.1%.
Ooredo (ORDS.QA), opens new tab advanced 1.5% after Nvidia signed a deal to deploy its artificial intelligence technology at data centres owned by the Qatari telecom group.
In the U.S., the personal consumption expenditures (PCE) price index is due on Friday. A soft data would likely reinforce market bets on a U.S. rate cut as early as September.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
