Equities in the Gulf were up in early trading on Tuesday, ahead of a key U.S. inflation print later this week, while the Qatar index continued its upward momentum.
The Qatari benchmark index (.QSI) advanced 0.7%, extending its rally to a sixteenth session, lifted by gains in sectors such as energy, materials and finance stocks.
Qatar Islamic Bank (QISB.QA), rose 1.6% and Qatar Gas Transport (QGTS.QA), added 1.3%.
Saudi Arabia’s benchmark stock index (.TASI), was up 0.2%, after oscillating between gains and losses in early trade.
Saudi National Bank, the kingdom’s largest lender, slipped 1.4% while United International Transportation Company (4260.SE), also known as Bugdet Saudi, advanced 4.2% after its shareholders approved the acquisition of AutoWorld, a vehicle leasing company.
Among other gainers, Methanol Chemicals (2001.SE), rose 4.6% after the methanol derivatives producer signed a 20-year agreement to supply methanol to Saudi Aramco Total Refining and Petrochemical Company’s (SATORP) Amiral project.
The Abu Dhabi benchmark index was up 0.2%, aided by a 1.4% gain in Abu Dhabi Commercial Bank and a 3.3% rise in Alef Education
ADNOC Drilling gained 0.7% after the driller confirmed a new enhanced dividend policy that will see at least $4.8 billion distributed to shareholders between 2024 and 2028.
Dubai’s benchmark stock index (.DFMGI), was little changed, with tolls operator Salik Company (SALIK.DU), gaining 1.2% and Dubai Islamic Bank rising 0.9%, while blue-chip developer Emaar Properties slid 0.9%.
In the U.S., the personal consumption expenditures (PCE) price index is due on Friday. Softer data would likely reinforce market bets of a Federal Reserve rate cut as early as September, with futures currently pricing in a 65% chance.
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.
