Gulf markets end the week’s trading mixed in anticipation of the US Central Bank’s comments

Written By Mark

Major stock markets in the Gulf region closed mixed yesterday, Thursday, amid stability in oil prices and investors awaiting comments from members of the Federal Reserve (US Central), seeking to confirm their bet on lowering interest rates this year.
Oil prices, a catalyst for financial markets in the Gulf, rose by about 0.4 percent due to geopolitical developments in the Middle East and ahead of US inventory data.
Brent crude was trading at $85.41 per barrel by 1200 GMT. The Qatari index rose 0.2 percent, continuing its gains for the thirteenth session in the longest rising wave in nearly a year.
Qatar Navigation Company (Milaha) shares increased by about 5.8 percent, and Industries Qatar shares increased by 1.4 percent. The Abu Dhabi index fell 0.2 percent, affected by the decline in shares of International Holding by 1.3 percent and Alef Education by 2.6 percent.
First Abu Dhabi Bank gained 2.4 percent and Abu Dhabi Islamic Bank gained 2.6 percent.
The Dubai index fell slightly after gains for three consecutive sessions, with the shares of TECOM Group, which operates business complexes, falling by 3.2 percent, and the shares of Dubai Islamic Bank rising by 2 percent.
Investors are awaiting comments from Federal Reserve officials to provide new signals about the start of the monetary easing cycle.
Traders currently expect a 66 percent chance of a cut in US interest rates next September.
The Gulf Cooperation Council countries are usually guided in their monetary policy by the actions of the Federal Reserve, given that most of these countries’ currencies are pegged to the dollar.
The markets of Saudi Arabia, the Sultanate of Oman and Egypt were closed in conjunction with an official holiday.