MIDEAST STOCKS-Gulf bourses fall ahead of US inflation data; Saudi hits 2-year low

Reuters
2025/12/17
MIDEAST STOCKS-Gulf bourses fall ahead of US inflation data; Saudi hits 2-year low

By Md Manzer Hussain

Dec 17 (Reuters) - Gulf equities ended lower on Wednesday as investors stayed cautious ahead of more U.S. economic signals that could clarify the Federal Reserve's policy outlook, after a closely watched jobs report delivered a mixed picture of the labour market.

Markets are awaiting comments later in the day from several influential Fed officials, as well as U.S. consumer price inflation data for November due on Thursday, which could further shape expectations for the timing and pace of interest-rate moves.

Gulf markets tend to track shifts in U.S. monetary policy expectations as most regional currencies are pegged to the dollar.

The Qatari benchmark index .QSI extended its losing run to four sessions, closing 0.7% lower as nearly all stocks declined. Industries Qatar IQCD.QA fell 2%, while Qatar National BankQNBK.QA, the region's largest lender, shed 1.3%.

Saudi Arabia's benchmark stock index .TASI slipped 0.4% to 10,414, its lowest close in more than two years, with most sectors in negative territory. Saudi National Bank 1180.SE dropped 1.6%, while oil major Saudi Aramco 2222.SE eased 0.6%. Tihama 4070.SE tumbled 5% after terminating an acquisition deal for Dan Diamond Real Estate Development Co.

"The mood was tempered by upcoming Federal Reserve members' speeches today and crucial inflation data tomorrow, which continued to weigh on regional sentiment," said Milad Azar, market analyst at XTB MENA.

"Markets remain underpinned by solid fundamentals that could support the upward trend once global headwinds diminish and sentiment improves."

The Abu Dhabi benchmark index .FTFADGI fell for a fourth straight session, ending 0.3% lower, with most sectors in the red. Aldar Properties ALDAR.AD dropped 2.3% and ADNOC Drilling ADNOCDRILL.AD slid 2.4%.

Abu Dhabi Ports ADPORTS.AD rose 0.7% after the ports operator signed an agreement with Tajikistan's AVESTO Group to form a joint venture offering integrated logistics and freight-forwarding services across the country.

Dubai's benchmark stock index .DFMGI was little changed. Emaar Properties EMAR.DU fell 1%, while MashreqbankMASB.DU gained 2%.

In Kuwait, oilfield services provider Action Energy ALFTAQA.KW climbed 13% to 239 fils per share on its market debut, versus an offer price of 212 fils.

Kuwait's benchmark index .BKP was down 0.5%.Outside the Gulf, Egypt's blue-chip index .EGX30 extended losses for a second session, ending down 1.2% as most sectors weakened. Commercial International Bank COMI.CA fell 2.8% and Eastern Company EAST.CA slipped 2%.

SAUDI ARABIA

.TASI down 0.4% to 10,414

KUWAIT

.BKP down 0.5% to 9,531

QATAR

.QSI fell 0.7% to 10,654

EGYPT

.EGX30 slid 1.2% to 41,504

BAHRAIN

.BAX Closed

OMAN

.MSX30 up 0.1% to 5,935

ABU DHABI

.FTFADGI down 0.3% to 9,953

DUBAI

.DFMGI ended flat at 6,106

(Reporting by Md Manzer Hussain; Editing by Leroy Leo)

((mdmanzer.hussain@thomsonreuters.com; +91 8067498453;))

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