Gulf markets end mixed ahead of Fed rate decision
By Ateeq Shariff
Sept 16 (Reuters) -Stock markets in the Gulf ended mixed on Monday as investors await a likely cut to U.S. interest rates this week, with the Saudi index giving up early gains to conclude in negative territory.
The U.S. Federal Reserve is all but certain to cut rates on Wednesday, but the debate is over the size of the cut, with market bets inclining towards 50 basis points (bps), LSEG data showed.
Monetary policy in the Gulf Cooperation Council (GCC), which includes the UAE, often aligns with the U.S. Federal Reserve's decisions as most of the regional currencies are pegged to the U.S. dollar.
Dubai's main share index .DFMGI gained 0.3%, with Dubai Taxi Company DTC.DU advanced 7.5%, extending gains from the previous session.
The taxi operator on Friday announced the company had been awarded 300 new plates, expanding its fleet, at the latest auction held by Dubai's Roads and Transport Authority.
In Abu Dhabi, the index .FTFADGI closed 0.4% higher.
Saudi Arabia's benchmark index .TASI dropped 0.3%, hit by a 1.7% fall in Alinma Bank 1150.SE and a 0.2% decrease in Al Rajhi Bank 1120.SE.
However, oil behemoth Saudi Aramco 2222.SE was up 0.2%.
Oil prices - a catalyst for the Gulf's financial markets - edged higher as ongoing disruption to U.S. Gulf oil infrastructure balanced persistent demand concerns after a fresh round of Chinese data while investors await Fed rate decision.
The Qatari benchmark .QSI eased 0.1%, with Qatar Islamic Bank QISB.QA losing 0.3%.
The Qatari stock market saw limited movements, as investors in the region await this week's central banks meetings, particularly the Federal Reserve's, said Ahmed Negm Head of Market Research MENA at XS.com.
"The market is close to its high from earlier this year, benefiting from a rebound."
Outside the Gulf, Egypt's blue-chip index .EGX30 declined 0.8%, weighed down by a 1% fall in Commercial International Bank COMI.CA.
SAUDI ARABIA | .TASI fell 0.3% to 11,867 |
ABU DHABI | .FTFADGI rose 0.4% to 9,389 |
DUBAI | .DFMGI added 0.3% to 4,395 |
QATAR | .QSI eased 0.1% to 10,449 |
EGYPT | .EGX30 lost 0.8% to 30,260 |
BAHRAIN | .BAX dropped 0.4% to 1,945 |
OMAN | .MSX30 down 0.3% to 4,731 |
KUWAIT | .BKP added 0.1% to 7,758 |
Reporting by Ateeq Shariff in Bengaluru; Editing by Vijay Kishore
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
