Most stock markets in the Gulf were up on Monday in early trading, amid steady oil prices, while investors awaited U.S. inflation data to gauge the Federal Reserve’s policy path for the rest of this year.
Oil prices, a catalyst for the Gulf’s financial markets, were steady with Brent inching up 0.1% at $82.87 a barrel by 0810 GMT.
In Abu Dhabi, the benchmark stock index was up 0.2%, with First Abu Dhabi Bank, the UAE’s largest lender, rising 0.8% and ADNOC Drilling gaining 3.3%.
ADNOC Drilling, the energy giant ADNOC’s drilling unit, reported a 26% rise in its first quarter net profit and announced a new dividend policy to increase payout by at least 10% annually for five years.
The Qatari benchmark index edged up 0.3%, helped by a 1% gain in Qatar Navigation and a 1.1% rise in Qatar Islamic Bank.
Dubai’s benchmark stock index was little changed with Emirates NBD, the emirate’s largest lender, sliding 0.9% while Aramex advanced 2.4%.
Most Gulf bourses rise; Egypt drops
The logistics firm Aramex reported on Friday a 95% increase in quarterly net profit.
Saudi Arabia’s benchmark stock index eased 0.3%, with most of the constituents posting losses, led by real estate, healthcare and finance stocks.
Alinma Bank fell 1.7% and Dr Sulaiman Al Habib Medical Services slipped 2%. ADES Holding however, rose 3.2% after the oil and gas driller reported a 124.6% increase in its first-quarter net profit.
The crucial U.S. core consumer price index is due on Wednesday, with hotter-than-expected data hurting rate-cut hopes.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
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