Most Gulf bourses in red ahead of US inflation data
By Ateeq Shariff
Nov 27 (Reuters) -Most stock markets in the Gulf ended lower on Wednesday as investors awaited key inflation data from the world's biggest economy for cues on the likely scale of a Federal Reserve rate cut next month.
The Personal Consumption Expenditure report, the central bank's preferred inflation gauge, is due at 10 a.m. ET.
Minutes from the Fed's November meeting, released on Tuesday, showed policymakers were uncertain about the outlook for interest-rate cuts and how much the current rates were restricting the economy.
Traders are now betting on a 62.8% probability the central bank will lower borrowing costs by 25 basis points in December, according to CME Group's FedWatch Tool.
The Fed's decisions have a significant impact on monetary policy in the Gulf as most of the region's currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index .TASI dropped 1.2%, dragged down by a 2.8% fall in aluminium products manufacturer Al Taiseer Group 4143.SE and a 1.9% decrease in Al Rajhi Bank 1120.SE.
However, Tamkeen Human Resources 1835.SE surged 30% to 65 riyals a piece in market debut.
Separately, the kingdom on Tuesday approved its state budget for 2025 forecasting a fiscal deficit of 101 billion riyals ($26.90 billion), as its finance minister said Saudi Arabia will continue to spend on gigaprojects designed to wean the economy off oil.
Dubai's main share index .DFMGI lost 0.5%, with top lender Emirates NBD ENBD.DU sliding 3.4% and toll operator Salik SALIK.DU down 1.8%.
In Abu Dhabi, the index .FTFADGI eased 0.1%.
Oil prices - a catalyst for the Gulf's financial markets - were steady as investors monitored the ceasefire between Israel and Lebanese armed group Hezbollah.
Outside the Gulf, Egypt's blue-chip index .EGX30 retreated 1.5%, hit by a 1.8% fall in top lender Commercial International Bank COMI.CA.
SAUDI ARABIA | .TASI fell 1.2% to 11,591 |
ABU DHABI | .FTFADGI lost 0.1% to 9,285 |
DUBAI | .DFMGI dropped 0.5% to 4,805 |
QATAR | .QSI down 0.5% to 10,361 |
EGYPT | .EGX30 lost 1.5% to 29,846 |
BAHRAIN | .BAX added 0.5% to 2,032 |
OMAN | .MSX30 lost 0.5% to 4,530 |
KUWAIT | .BKP declined 0.5% to 7,751 |
($1 = 3.7550 riyals)
Reporting by Ateeq Shariff in Bengaluru; Editing by Shailesh Kuber
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