Most Gulf markets gain on US rate cut bets
By Ateeq Shariff
July 7 (Reuters) -Most stock markets in the Gulf ended higher on Sunday after highly anticipated jobs data boosted investors expectations of a Federal Reserve interest rate cut.
U.S. employment increased solidly in June, but government and healthcare services hiring made up about three-quarters of the payrolls gain and the unemployment rate hit a 2-1/2-year high of 4.1%, pointing to a slackening labor market that keeps the Federal Reserve on course to start cutting interest rates soon.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index .TASI gained 0.3%, helped by a 1.4% rise in ACWA Power Co 2082.SE and a 0.9% increase in the country's biggest lender Saudi National Bank 1180.SE.
Among other gainers, dairy firm Almarai 2280.SE advanced 1.4% after reporting an increase in quarterly net profit.
The Qatari benchmark .QSI added 0.5%, with Dukhan Bank DUBK.QA closing 0.5% higher.
Outside the Gulf, Egypt's blue-chip index .EGX30 finished 0.8% higher, with EFG Holding HRHO.CA advanced 8.1%.
Meanwhile, Hamas is waiting for a response from Israel on its ceasefire proposal, two officials from the militant Islamist group said on Sunday, five days after it accepted a key part of a U.S. plan aimed at ending the nine-month-old war in Gaza.
SAUDI ARABIA | .TASI rose 0.3% to 11,689 |
QATAR | .QSI added 0.5% to 10,123 |
EGYPT | .EGX30 up 0.8% to 28,602 |
BAHRAIN | .BAX eased 0.2% to 2,003 |
OMAN | .MSX30 rose 0.8% to 4,689 |
KUWAIT | .BKP gained 0.4% to 7,602 |
Reporting by Ateeq Shariff in Bengaluru
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