90% of Gulf industries decline Dubai gains


On Monday, most Gulf stock markets declined as investors exercised caution in anticipation of the minutes from the most recent meeting of the U.S. Federal Reserve.

90% of Gulf industries decline Dubai gains. On Tuesday, the Federal Reserve is anticipated to release the minutes of its November meeting, which will be analyzed to signal potential changes in U.S. interest rates.

Given that most regional currencies are dollar-anchored, monetary policy in the Gulf Cooperation Council (GCC), which consists of six members, is typically influenced by the Federal Reserve’s decisions.

Read more: China Commends The Cordial Meeting Between Xi And Biden As A Shift In Tone.

The Qatari index (.QSI) declined 0.6%, ending three consecutive sessions of gains. Industries Qatar (IQCD.QA) and Commercial Bank (COMB.QA), each down 1.4%, contributed to the decline.

The central lender in the region, Qatar National Bank (QNBK.QA), fell 1.1%. The Saudi Arabian benchmark index (.TASI) closed its four-day winning trend with a 0.2% decline, led by oil major Saudi Aramco (2222. SE) and Elm Company (7203. SE), both of which fell 0.9% and 1.6%, respectively.

The benchmark index (.FTFADGI) closed unchanged in Abu Dhabi, while Abu Dhabi National Oil Company for Distribution (ADNOCDIST.AD) and Abu Dhabi Commercial Bank (ADCB.AD) each gained 1.9% and 1.2%, respectively.

In contrast, Alpha Dhabi Conglomerate (ALPHADHABI.AD) and Aldar Properties (ALDAR.AD) experienced losses of 1.6% and 0.4%, respectively.

Dubai’s benchmark index (.DFMGI) closed 0.2% higher after a third consecutive session of gains, led by a 0.7% increase in developer Emaar Properties (EMAR.DU) and a 1.1% increase in Dubai Islamic Bank (DISB.DU).

Egypt’s blue-chip index (.EGX30) closed 0.6% lower outside the Gulf, ending a three-session winning trend. El Sewedy Electric Co (SWDY.CA) and Talaat Mostafa Group Holding (TMGH.CA) fell 3.3% and 2.9%, respectively.