Gulf stocks track global losses as investors await key US data

Most Gulf stock markets fell in early trading on Monday, tracking global peers, as investors awaited a raft of delayed US economic data this week that will offer a long-anticipated read on the world’s largest economy.

The upcoming employment, inflation and other indicators are especially critical because investors and the Federal Reserve have been operating with limited visibility since a 43-day US federal government shutdown postponed economic data releases.

The Fed last week cut rates by 25 basis points for a third straight meeting but signalled further reductions are unlikely in the near term as it waits for clearer data.

US monetary policy shifts have a significant impact on Gulf markets, where most currencies are pegged to the dollar.

Dubai’s benchmark stock index dropped 0.8%, dragged lower by broad-based losses across sectors.

Emaar Properties slipped 1%, while Gulf Navigation Holding tumbled 9.7%.

Saudi Arabia’s benchmark stock index fell 0.7%, with all sectors in negative territory, led by finance, utilities and materials.

Saudi National Bank, the kingdom’s largest lender by assets, lost 1.1%, and Saudi Arabian Mining Co declined 1.2%.

Scientific and Medical Equipment House, however, rose 2.2% after it said on Sunday it had signed an exclusive distribution agreement with China-based Guangdong Biolight Meditech Co.

The Abu Dhabi benchmark index edged down 0.1%, weighed by a 1.4% drop in Alpha Dhabi Holding and a 1.2% decline in Abu Dhabi Ports Co.

The ports operator, AD Ports, plans to launch a cash mandatory tender offer to acquire an additional stake in Alexandria Container and Cargo Handling which would give it majority ownership in one of Egypt’s largest container terminal operators.

The Qatari benchmark index was down 0.6%, with almost all constituents in the red.

Qatar National Bank, the region’s largest lender, eased 1%, while Qatar Fuel Co shed 0.8%.