Most stock markets in the Gulf ended higher on Sunday as cooler-than-expected US inflation data supported the view that the Federal Reserve could cut borrowing costs early in 2024.
The US Commerce Department report showed prices fell in November for the first time in more than 3-1/2 years.
The Fed signaled at its Dec. 13 meeting that it had reached the end of its tightening cycle and opened the door to interest rate cuts in the coming year.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the decisions of the US Federal Reserve, as most regional currencies are pegged to the dollar.
Most Gulf markets in red as Wall Street rally stalls; Qatar gains
The Qatari index rose for a sixth straight session, ending 1.1% higher, with all sectors in positive territory.
Qatar Islamic Bank climbed 3.3% and Commercial Bank surged 1.9%.
Saudi Arabia’s benchmark index rose 0.6%, following two consecutive sessions of losses, aided by gains in all sectors, with Etihad Atheeb Telecommunication Co advancing 3.7% and Lumi Renta surging 3.1%.
The world’s largest Islamic bank by assets, Al Rajhi Bank , gained 1.3%.
Outside the Gulf, Egypt’s blue-chip index was down for the fourth consecutive session and ended 2% lower, hit by a 3.2% loss in Commercial International Bank and a 5.1% drop in E-Finance.
SAUDI ARABIA gained 0.6% to 11,691
QATAR rose 1.1% to 10,400
EGYPT dropped 2% to 23,822
BAHRAIN added 0.2% to 1,922
OMAN rose 0.1% to 4,567
KUWAIT lost 0.2% to 7,479
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