Rise in most Gulf stock markets

Most Gulf stock markets closed higher yesterday, following the upward trend in global markets and influenced by optimistic expectations that the Federal Reserve could begin lowering interest rates early next year. Monetary policy in Gulf Cooperation Council (GCC) countries is typically guided by decisions of the U.S. central bank since most currencies in the region are pegged to the U.S. dollar.

Oil prices, a key driver for financial markets in the Gulf region, declined by about 1%, easing concerns about disruptions in shipping routes in the Red Sea. According to Reuters, the Dubai index rose by 0.3% to 4049 points, with Emaar Properties’ stock increasing by 0.9%.

The Abu Dhabi index increased by 0.4% to 9563 points, with the Commercial Bank of Abu Dhabi’s stock rising by 0.5%, Adnoc Drilling by 0.8%, Abu Dhabi Islamic Bank by 0.8%, and Adnoc Distribution by 2.70%.

The Qatari index rose by 0.6%, marking the tenth consecutive session of gains, driven by a 1.5% increase in the stock of Qatar National Bank.

The Bahrain index increased by 0.8% to 1961 points, with Kuwait Finance House rising by 2.2%, Al Salam Bank by 1%, Bahrain Kuwait Bank by 0.4%, and Aluminium Bahrain (Alba) by 3.7%.

The Muscat index declined by 0.8%, closing at 4485 points due to a 6.3% drop in Bank Dhofar’s stock and a 2.9% decline in East Invest’s stock.

The Kuwait index rose by 0.5% to reach 7477 points.

In Cairo, the main index of the Egyptian Stock Exchange increased by 1.4% due to a 1.4% rise in Commercial International Bank’s stock.