DUBAI: Most stock markets in the Gulf rose on Sunday, partially recovering from a recent retreat triggered by US economic data indicating that the interest-rate easing cycle may not come as early as some had hoped.
Most Gulf currencies are pegged to the dollar, and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Saudi Arabia’s benchmark index closed 0.4% higher snapping three sessions of losses, with almost all sectors in positive territory.
Saudi Arabian media giant MBC Group jumped 10%, extending its rally to a fifth session.
Among the gainers, SAL Saudi Logistics Services Co climbed 8.3% and Lumi Rental gained 3.3%.
The Qatari index was down for fourth consecutive session and ended 0.3% lower, with Qatar Islamic Bank and Industries Qatar each sliding 0.8% and Qatar Navigation dropping 1.4%.
Oil prices - a catalyst for the Gulf’s financial markets - fell slightly on Friday, with Brent settling at $78.56 a barrel.
Outside the Gulf, Egypt’s blue-chip index rose for a second session and ended 3.2% higher, supported by a 12% jump in Talaat Mostafa Group Holding Co and a 9% gain in Eastern Co.
Separately, an International Monetary Fund team is currently in Cairo to discuss Egypt’s $3 billion IMF loan and reform program, an IMF spokesperson said on Friday amid discussions about additional funding amid the war in Gaza.
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