Gulf equities slipped in early trade on Wednesday as investors stayed cautious after mixed U.S. labour market signals left the Federal Reserve’s rate path uncertain.
U.S. job growth rebounded more than expected in November, but the unemployment rate rose to a four-year high of 4.6 percent. Markets are now awaiting U.S. November consumer price inflation data, due on Thursday.
Gulf markets tend to track shifts in U.S. monetary policy expectations as most regional currencies are pegged to the dollar.
The Qatari benchmark index (.QSI) dipped 0.2 percent, with most stocks trading lower. Gulf International Services (GISS.QA) fell 1 percent and Qatar Navigation (QNNC.QA) slid 1.4 percent.
Saudi Arabia’s benchmark stock index (.TASI) eased 0.6 percent, led by declines in finance, IT and communication. Saudi National Bank (1180.SE) dropped 0.8 percent and Seera Holding Group (1810.SE) lost 1.7 percent.
The Abu Dhabi benchmark index (.FTFADGI) was down 0.3 percent, with most sectors in the red. Aldar Properties (ALDAR.AD) fell 1.1 percent and Abu Dhabi Ports Co (ADPORTS.AD) slipped 0.9 percent. AD Ports said it signed an agreement with Tajikistan’s AVESTO Group to set up a joint venture providing integrated logistics and freight-forwarding services across the country.
Dubai’s benchmark stock index (.DFMGI) was little changed, with Emaar Properties (EMAR.DU) down 1 percent, while Mashreqbank (MASB.DU) gained 2 percent.
In Kuwait, Action Energy Co (ALFTAQA.KW) jumped as much as 25 percent to 266 dinars per share in its debut on Boursa Kuwait’s Premier Market. The oilfield services provider sold 260 million shares, or 45.9 percent of its capital, at 212 fils a share, raising 55 million Kuwaiti dinars ($179.25 million). The pricing implies a post-money valuation of about 120 million dinars.
Kuwait’s benchmark index (.BKP) was down 0.2 percent.
($1 = 0.3068 Kuwaiti dinars)
