DUBAI: Most Gulf stock markets ended higher on Sunday, with the Saudi index buoyed by firm oil prices, softer US rate expectations and renewed investor appetite after recent heavy selling.
Saudi Arabia’s benchmark index, which had suffered five consecutive weekly losses, rebounded 1.1 percent, led by a 1.7 percent gain in Al Rajhi Bank.
Elsewhere, oil major Saudi Aramco rose 0.6 percent, tracking steady oil prices, with Brent crude settling at USD102.25 a barrel on Friday, down just 6 cents.
Russian Deputy Prime Minister Alexander Novak said that at Sunday’s meeting, the Joint Ministerial Monitoring Committee noted that global oil markets were still volatile and tight because supply was falling short.
US job growth slowed sharply, with nonfarm payrolls rising by just 29,000 in September, well below the 90,000 expected, while August’s increase was revised down to 133,000 from 162,000.
The weaker data eased expectations of another Federal Reserve rate hike this month, with markets now pricing an 80 percent chance of rates remaining unchanged, up from 74 percent before the report.
Gulf markets tend to track shifts in US monetary policy expectations as most regional currencies are pegged to the dollar.
In Qatar, the index eased 0.1 percent.
Outside the Gulf, Egypt’s blue-chip index advanced 1.6 percent.