Gulf stock markets closed mixed on Thursday, with most posting weekly losses amid geopolitical tensions in the Middle East and traders awaiting economic data for clues on the path of U.S. monetary policy.
The Saudi index fell 0.5 percent, with shares of Al-Taiseer Group for manufacturing aluminum products falling 1.3 percent and shares of ACWA Power falling 1.7 percent.
The Saudi index recorded a weekly loss of 3.1 percent.
There was no significant change in the Dubai index at the end of trading yesterday, Thursday.
Emaar Properties shares rose 1.1 percent after announcing a rise in net profit in the first half of this year.
The Abu Dhabi index rose 0.8 percent, led by International Holding, which gained 1.2 percent.
After hours of trading in the Middle East, data showed that the number of Americans filing new claims for unemployment benefits fell to a seasonally adjusted 233,000 for the week ending August 3.
Economists polled by Reuters had forecast 240,000 claims last week.
The data took on particular importance after weak employment data caused widespread turmoil in markets on Monday.
Markets are pricing in a 72 percent chance of a 50 basis point Fed rate cut in September, according to the CME Group’s FedWatch tool, up from 70 percent on Monday.
GCC countries usually follow the Federal Reserve’s monetary policies because most of their currencies are pegged to the dollar.
The Qatari index fell 0.2 percent, with Qatar Islamic Bank losing 0.5 percent.
Outside the Gulf, Egypt’s blue-chip index rose 0.4 percent, led by Ezz Steel, which rose 2.3 percent.
