Gulf stock markets were largely steady on Monday after regional central banks lowered interest rates in tandem with the U.S. Federal Reserve, though uncertainty over the Fed’s future policy direction continued to temper sentiment.
Qatar and Egypt markets, however, saw extended losses, driven by profit-taking.
The Fed trimmed its benchmark rate by a quarter percentage point on Wednesday in response to softening labour market, but signalled a measured approach to further monetary policy easing, leaving investors in doubt about the pace of future moves.
Subsequently, the central banks of Saudi Arabia, the United Arab Emirates and Qatar each cut rates by 25 basis points.
Saudi Arabia’s benchmark index rose 0.6%, for the fifth consecutive session, with buying concentrated in information technology and financial shares.
Saudi National Bank jumped more than 1.5%, while Saudi Telecom advanced nearly 1%.
Oil behemoth Saudi Aramco added 0.1%, marking its seventh straight day of gains.
Dubai’s main share index finished 0.1% higher in a quiet session, helped by gains in utilities and real estate.
Emaar Properties advanced 0.7%, consolidating two days of gains after the developer scrapped plans to sell any stake in its Indian subsidiary and said it is exploring potential joint ventures with major Indian companies, including Adani Group. Dubai Electricity and Water Authority advanced 1.5%.
Abu Dhabi’s index also edged up 0.1%, extending two sessions of gains, lifted by a 1.7% increase in ADNOC Drilling .
ADNOC Gas ended flat after rising as much as 1.4%. The company signed a $513 million contract with a subsidiary of China Petroleum Engineering.
Newly listed Orascom Construction surged 4%, extending gains from the previous two sessions.
Separately, U.S. chip giant Nvidia and Abu Dhabi’s Technology Innovation Institute (TII) announced the launch of a joint research lab in the UAE to develop next-generation AI models and robotics platforms.
In contrast to its regional peers, Qatar’s stock index slipped 0.4%, weighed down by broad-based sectoral declines. Industries Qatar fell 1.5%, while Qatar Islamic Bank dropped more than 1%.
Outside the Gulf, Egypt’s blue-chip index shed 0.1%, dragged down by a 1% decline in Commercial International Bank .
------------------------------------------- SAUDI ARABIA jumped 0.6% to 10,876 ABU DHABI added 0.1% to 10,137 DUBAI advanced 0.1% to 6,027 QATAR shed 0.4% to 11,222 EGYPT fell 0.1% to 35,211 BAHRAIN climbed 0.3% to 1,943 OMAN dropped 0.2% to 5,099 KUWAIT increased 0.1% to 9,425 ------------------------------------------
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