Most stock markets in the Gulf edged higher in choppy trade on Wednesday, ahead of U.S. jobs data and comments from Federal Reserve Chair Jerome Powell for clues on the U.S. central bank’s policy outlook.
Traders await the U.S. ADP employment report due at 1315 GMT alongside Powell’s speech. Friday’s monthly U.S. payroll data and next week’s CPI data are also on investors’ radar.
Markets are now ascribing a 72% chance of a 25 basis point cut this month, with 80 bps of cuts expected by the end of next year.
The Fed’s decisions significantly impact the Gulf region’s monetary policy, as most currencies in the region are pegged to the U.S. dollar.
Saudi Arabia’s benchmark index gained 0.6%, led by a 10% rise in Dr Soliman Abdel Kader Fakeeh Hospital
Separately, the kingdom’s healthcare provider Almoosa Health plans to raise as much as 1.688 billion riyals ($449.15 million) from selling a 30% stake in the company via an initial public offering on the Riyadh bourse, it said on Wednesday.
Major Gulf equities track higher oil prices; Qatar flat
Dubai’s main share index, which resumed trade after a two-session break, rose 0.1%, helped by a 5% jump in Parkin after HSBC upgraded the stock to “buy” from “hold” and raised its price target to 5.5 dirhams from 3.3 dirhams.
Parkin, which oversees public parking operations in the Emirates, received notification from the Roads and Transport Authority last week approving a variable parking tariff policy in Dubai, effective March 2025.
The Abu Dhabi index – which also resumed trading following a two-day break – increased 0.3%.
In Qatar, the index, however, fell 0.5%, hit by a 0.9% fall in Qatar Islamic Bank.
Outside the Gulf, Egypt’s blue-chip index gained 0.7%, with Fawry for Banking Technology and Electronic Payment.
—————————————–
SAUDI ARABIA rose 0.6% to 11,887
ABU DHABI up 0.3% to 9,265
DUBAI added 0.1% to 4,854
QATAR dropped 0.5% to 10,338
EGYPT up 0.7% to 30,833
BAHRAIN was up 0.1% to 2,036
OMAN added 0.1% to 4,578
KUWAIT gained 0.3% to 7,796
—————————————–
Source: Brecorder
