DUBAI: Stock markets in the Gulf ended mixed on Tuesday ahead of US economic data expected to offer clues to the next steps by the Federal Reserve, while widening conflict in the region weighed on sentiments.
The US Commerce Department will announce third-quarter gross domestic product on Thursday, while the Personal Consumption Expenditures (PCE) report, the US central bank’s preferred inflation gauge, is due on Friday.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy decisions because most regional currencies are pegged to the US dollar.
Saudi Arabia’s benchmark index gained 0.8%, snapping four sessions of losses, led by a 2.7% rise in Lumi Rental Co and a 4.4% jump in Alinma Bank. Post trading hours, the lender reported a quarterly net profit of 1.32 billion riyals ($351.89 million), up from 989 million riyals year ago.
Comments
Comments are closed for this article.