Most Gulf stock markets fell on Sunday after U.S economic data and comments from Federal Reserve officials pointed to a slower pace of interest-rate cuts.
Investors increased bets on the Fed leaving interest rates unchanged at its December meeting and dialled back expectations for easing in 2025.
The Fed’s decisions have a significant impact on monetary policy in the Gulf as most of the region’s currencies are pegged to the U.S. dollar.
The Qatari benchmark index slipped 0.4%, with almost all of its constituents falling, led by the finance, communication and energy sectors.
Gulf bourses end mixed with focus on Fed
Qatar National Bank, the region’s largest lender, lost 1.4% and Qatar Navigation was down 1.1%.
Saudi Arabia’s benchmark index snapped three sessions of losses, edging up 0.2% helped by gains in the IT, utilities, real estate, industry, healthcare and insurance sectors.
Medgulf rose 10% for its biggest daily gain in more than six months. The insurer said in a statement to the Saudi Exchange that it had received a circular from the Insurance Authority on a new mechanism for allocating reinsurance premiums to the local market.
All bar two insurance stocks closed higher with Al Rajhi Company For Cooperative Insurance up 3.9%, and Saudi Reinsurance gaining 6.9%.
Saudi Re said in a statement that the new mechanism would help increase Saudi reinsurance revenue by more then 5% from 2023.
Outside the Gulf, Egypt’s blue-chip index reversed the previous session’s gain with a 0.7% fall, with most sectors in the red. Telecom Egypt lost 2.6% after it reported a 13% decrease in quarterly net profit on Thursday.
However, Juhayna Food gained 3.7% after it posted around a 200% jump in third quarter net profit.
SAUDI ARABIA rose 0.2% to 11,812
KUWAIT was up 0.2% to 7,849
QATAR lost 0.4% to 10,411
EGYPT dropped 0.7% to 31,252
BAHRAIN ended flat to 2,053
OMAN was down 0.4% to 4,626
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