Most stock markets in the Gulf rose on Monday, led by the Saudi index closing at its highest since August 2022, despite fading chances of early rate cuts globally.
U.S. producer prices increased more than expected in January after strong gains in the cost of services that could stoke inflation.
Most Gulf Cooperation Council countries, including the United Arab Emirates (UAE), peg their currencies to the U.S. dollar and follow the Fed’s policy moves closely.
Saudi Arabia’s benchmark index (.TASI) gained 0.7%, rising for a thirteenth consecutive session, led by a 3.5% rise in ACWA Power (2082.SE)
The Saudi Stock Exchange and Saudi regulator the Capital Market Authority are reviewing more than 57 initial public offering (IPO) requests for the exchange and Saudi Parallel Market, Saudi Tadawul Group CEO Khalid Alhussan told Al Arabiya TV on Monday.
The Qatari benchmark (.QSI) finished 0.9% higher, with Qatar Islamic Bank (QISB.QA) rising 2.3% and Islamic lender Masraf Al Rayan (MARK.QA) increased 3.8%.
Dubai’s main share index (.DFMGI) added 0.3%, driven by a 1.7% rise in top lender Emirates NBD (ENBD.DU)
The Dubai stock market, which has reached record highs, could remain on an uptrend as business activity supports robust performance expectations, Yousef Ayoub, head of sales at NCM, said, while adding traders would monitor ongoing geopolitical risks.
In Abu Dhabi, the index (.FTFADGI) eased 0.2%.
Global oil benchmark Brent crude was little changed, hovering around $83 a barrel as continued conflict in the Middle East and the risk of supply disruption offset doubts about demand.
Outside the Gulf, Egypt’s blue-chip index (.EGX30) advanced 1.1%, with Talaat Mostafa Holding (TMGH.CA) jumping 6.8%.
| SAUDI ARABIA | (.TASI) rose 0.7% to 12,595 |
| ABU DHABI | (.FTFADGI) fell 0.2% to 9,410 |
| DUBAI | (.DFMGI) added 0.3% to 4,273 |
| QATAR | (.QSI) gained 0.9% to 10,300 |
| EGYPT | (.EGX30) rose 1.1% to 29,452 |
| BAHRAIN | (.BAX) was flat at 2,051 |
| OMAN | (.MSX30) eased 0.2% to 4,630 |
| KUWAIT | (.BKP) gained 0.8% to 8,061 |
i have to my change all settongs
Its really a generous country in the world. but its hard for them now.