Trading volumes were mostly low because of the absence of many foreign investors for Christmas and New Year holidays
Most major stock markets in the Gulf edged higher in early trade on Monday with cooler-than-expected U.S. inflation data supporting the view that the Federal Reserve could cut borrowing costs in the new year.
Trading volumes were mostly low because of the absence of many foreign investors for Christmas and New Year holidays. The Commerce Department report showed U.S. prices fell in November for the first time in more than 3-1/2 years, pushing the annual increase in inflation further below 3%.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the decisions of the U.S. Federal Reserve, as most regional currencies are pegged to the dollar.
Saudi Arabia’s benchmark index rose 0.2%, supported by a 1.2% gain in auto rental firm Lumi and a 0.6% increase in Al Rajhi Bank. Dubai’s main share index eased 0.3%, hit by a 0.9% decline in top lender Emirates NBD and a 0.5% decrease in blue-chip developer Emaar Properties.
In Abu Dhabi, the index added 0.1%. The Qatari benchmark rose 0.4%, on course to gain for seventh session, led by a 2% rise in sharia-compliant lender Masraf Al Rayan.
- SAUDI ARABIA rose 1.1% to 9,473
- ABU DHABI fell 1.8% to 5,583
- DUBAI down 0.1% to 2,539
- QATAR gained 0.7% to 10,118
- EGYPT lost 1.1% to 11,337
- BAHRAIN eased 0.7% to 1,467
- OMAN rose 0.8% to 3,697
- KUWAIT added 0.6% to 6,269
Source: Zawya
