Gulf markets end mixed

DUBAI: Stock markets in the Gulf ended mixed on Thursday, as declining oil prices weighed on sentiment, while a weak private US labour market report fuelled optimism for potential Federal Reserve interest rate cuts. The US government shutdown made it a near certainty that crucial monthly payrolls data will not be released on Friday, but overnight the private ADP employment report showed the economy unexpectedly shed jobs in September, with the prior month also revised to a decline.

Saudi Arabia’s benchmark index dropped 0.3 percent, hit by a 1.1 percent fall in Al Rajhi Bank and a 1.8 percent decrease in the biggest lender by assets, Saudi National Bank.

Outside the Gulf, Egypt’s blue-chip index concluded 0.4 percent higher, with Commercial International Bank rising 1.3 percent.