Gulf stock markets are gaining momentum as investors look forward to critical economic updates from the United States, including the much-awaited Federal Reserve meeting minutes and the non-farm payroll report. These updates are expected to influence global monetary policies and have a direct impact on the Gulf region, where currencies are largely pegged to the US dollar.
Gulf Market Highlights:
- Saudi Arabia (TASI):
- The Saudi benchmark index recorded a slight increase, supported by a 2% surge in Saudi Arabian Mining Company (Ma’aden) and a 0.8% rise in Saudi National Bank, the largest financial institution in the kingdom.
- Almoosa Health Co. made a remarkable debut on the stock exchange, jumping nearly 30% to trade at 165 riyals per share, far above its initial offer price of 127 riyals.
- Dubai (DFMGI):
- Dubai’s main index climbed 0.7%, hitting its highest level in over a decade. The Dubai Islamic Bank (DIB) led the gains with an impressive 2.7% rise.
- Abu Dhabi (FTFADGI):
- The Abu Dhabi index posted a 0.3% gain, continuing its steady upward trend.
- Qatar (QSI):
- Qatar’s benchmark index slipped 0.3%, primarily due to a 0.9% decline in Industries Qatar, a leading petrochemical producer.
Oil Prices & Market Sentiment:
Oil prices, a crucial driver for Gulf economies, eased slightly for the second straight session following last week’s rally. However, ongoing concerns over restricted Russian and Iranian supplies due to Western sanctions provided some stability.
Why This Matters:
The release of the Fed minutes and the US payroll data is expected to significantly influence interest rate strategies, making this a pivotal week for global and Gulf financial markets. Investors in the region are closely monitoring these updates to guide their trading strategies and assess economic trends.