Most Gulf stock markets were subdued in early trade on Wednesday on falling oil prices, while investors awaited a delayed U.S. jobs report for clues on the Federal Reserve’s interest rate path.
Oil prices, a key driver for Gulf financial markets, dipped on oversupply concerns, though U.S. sanctions on major Russian producers helped limit losses. Brent crude was trading at $64.53 a barrel by 0810 GMT.
Markets are now awaiting Thursday’s delayed September non-farm payrolls report, with traders pricing about a 42% chance of a 25-basis-point Fed rate cut in December, down from near certainty a month ago.
U.S. monetary policy moves are closely followed in the Gulf, where most currencies are pegged to the dollar.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab edged 0.1% lower, pressured by a 1% drop in ADNOC Distribution (ADNOCDIST.AD), opens new tab and a 4.1% fall in
Response Plus Holding(RPM.AD), opens new tab. Two Point Zero Group gained 4.8%, while Presight AI Holding (PRESIGHT.AD), opens new tab added 1.8%.
Separately, South Korea has agreed to work with the United Arab Emirates on the U.S.-backed Stargate project to build a large artificial intelligence data campus in the Gulf country, Seoul said on Tuesday.
Dubai’s benchmark stock index (.DFMGI), opens new tab slipped 0.1%, with most constituents in negative territory. Emaar Properties (EMAR.DU), opens new tab lost 0.7%, while Al Ansari Financial Services (ALANSARI.DU), opens new tab declined 1.1%.
Saudi Arabia’s benchmark stock index (.TASI), opens new tab was down 0.1%, with most sectors in the red. Bank Albilad (1140.SE), opens new tab fell 1.2% and Dar Al Arkan Real Estate (4300.SE), opens new tab dropped 1.1%. The developer’s subsidiary Dar Global’s (DARD.L), opens new tab chief executive told Reuters on Tuesday it hopes to fund much of its latest Trump‑branded hotel in the Maldives by selling blockchain‑based crypto tokens to U.S. retail investors.
ADES Holding (2382.SE), opens new tab gained 1.4% after saying its merger with Shelf Drilling (SHLF.OL), opens new tab was expected to close on November 25.
The Qatari benchmark index (.QSI), opens new tab rose 0.8%, supported by broad‑based gains. Industries Qatar (IQCD.QA), opens new tab added 3%, while Qatar National Bank (QNBK.QA), opens new tab advanced 1.1%.
Source: Reuters (Reporting by Md Manzer Hussain; Editing by Sonia Cheema)
