Agencies
Dubai
Most stock markets in the Gulf ended higher on Sunday, extending gains from the previous session, helped by encouraging US economic data that reinforced bets that the Federal Reserve would start cutting interest rates next month.
A batch of US data this week showed inflation was moderating and retail spending was robust.
The data has helped the market narrative move away from recession concerns, sparked by a weak US jobs report in early August, to confidence the economy can keep growing.
With central bankers from around the globe set to gather in Jackson Hole, Wyoming, this week, traders expect the Fed to lower borrowing costs from a 23-year high next month but have reduced their bets on an emergency 50-basis-point cut to 25 percent, down from 55 percent a week ago, the CME FedWatch tool showed.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by the Fed’s decisions, as most regional currencies are pegged to the US dollar.
Saudi Arabia’s benchmark index gained 0.6 percent, with aluminium products manufacturer Al Taiseer Group advancing 6.2 percent.
In Qatar, the index added 0.1 percent, helped by a 0.9 percent rise in petrochemical maker Industries Qatar.
Thhe Qatar Stock Exchange general index closed at 10,135.37 points on Sunday, 9.9 points up from its previous closing. A trading volume of 94,635,272 shares was registered in 8,750 transactions in all sectors, with a total trading value of QR 220,680,306.001.
The prices of 24 companies rose and those of 23 declined, while 3 companies maintained their previous closing price.
The market capitalization closed at QR 586,601 billion compared to QR 586,311 billion in the previous session.
Outside the Gulf, Egypt’s blue-chip index dropped 0.6 percent, dragged down by a 1.5 percent fall in TalaatMostafa Group.
