Most Gulf markets in the red on weak oil

Reuters

Most Gulf markets in the red on weak oil

2024 9월 11, 오후 1:17 GMT

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By Ateeq Shariff

Sept 11 (Reuters) -Most stock markets in the Gulf ended lower on Wednesday, dragged down by weaker oil prices, while investors awaited key U.S. inflation data that could affect the size of a potential interest rate cut from the Federal Reserve next week.

OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year, and also trimmed its expectation for next year, marking the producer group's second consecutive downward revision.

China accounted for the bulk of the latest downgrade, as OPEC trimmed its forecast of Chinese growth to 650,000 barrels per day in 2024 from 700,000 bpd. Oil use in the world's second-largest economy was facing headwinds from economic challenges and moves to cleaner fuels, OPEC said.

Oil prices rose after dropping more than 3% on Tuesday, but still hovered near three-year lows after OPEC+ revised down its demand forecast for this year and 2025. O/R

Saudi Arabia's benchmark index .TASI declined 1.8%, hit by a 1.7% fall in Al Taiseer Group 4143.SE and a 5.1% slide in ACWA Power Co 2082.SE.

Elsewhere, oil giant Saudi Aramco 2222.SE dropped 0.7%.

U.S. consumer prices - which came in post market hours - rose marginally in August, but underlying inflation showed some stickiness, which could discourage the Federal Reserve from delivering a half-point interest rate cut next week.

Economists polled by Reuters had forecast the CPI gaining 0.2% and rising 2.6% year-on-year. Though inflation remains above the U.S. central bank's 2% target, it has slowed considerably.

Dubai's main share index .DFMGI fell 0.9%, with Emirates NBD ENBD.DU retreating 2.7%.

In Abu Dhabi, the index .FTFADGI decreased 0.9%.

The Qatari benchmark .QSI finished 0.2% lower, weighed down by a 2.3% fall in Qatar Gas Transport QGTS.QA.

Outside the Gulf, Egypt's blue-chip index .EGX30 advanced 1.3%, led by a 8.8% jump in Egypt Kuwait Holding EKHO.CA.

SAUDI ARABIA	.TASI lost 1.8% to 11,766
ABU DHABI	.FTFADGI fell 0.9% to 9,323
DUBAI	.DFMGI down 0.9% to 4,346
QATAR	.QSI dropped 0.2% to 10,248
EGYPT	.EGX30 rose 1.3% to 30,486
BAHRAIN	.BAX rose 0.3% to 1,954
OMAN	.MSX30 lost 0.5% to 4,725
KUWAIT	.BKP declined 1% to 7,740