• Loading...
  • Loading...

Gulf Stocks End Mixed Amid Weak Oil Prices, Awaiting U.S. Economic Data

Image: Stock Image
Share it:

Stock markets in the Gulf region closed mixed on Monday, pressured by weak oil prices and anticipation of upcoming U.S. economic data and Federal Reserve comments this week.

In Qatar, the index dropped by 0.2%, largely due to a 1.1% decline in Qatar Gas Transport Nakilat and a 0.4% drop in petrochemical firm Industries Qatar. The drop in oil prices, coupled with disappointing expectations from China’s stimulus plan and a stronger U.S. dollar, weighed on investor sentiment.

Despite early losses, Saudi Arabia’s benchmark index finished flat, while the Abu Dhabi index inched down by 0.1%.

With U.S. economic data, including consumer and producer price index figures, weekly jobless claims, and retail sales reports, set to be released this week, traders are also focusing on speeches from several Federal Reserve officials. The markets are pricing in a 65% chance of a 25-basis-point rate cut in December, with a 35% likelihood of no change.

In Dubai, the main share index gained 0.3%, driven by a 1.3% increase in Emaar Properties ahead of its earnings report. Additionally, Talabat, Delivery Hero’s Middle Eastern business, announced plans to list on the Dubai Stock Exchange in mid-December, offering 15% of its shares.

Meanwhile, Egypt’s blue-chip index rose by 0.7%, with Telecom Egypt surging 6.7% following its agreements with Vodafone Egypt for infrastructure services.