Most Gulf markets in red on mixed US job report
By Ateeq Shariff
Sept 8 (Reuters) -Most stock markets in the Gulf ended lower on Sunday after Friday's fall in global shares, as the latest U.S. jobs report led investors to dial back expectations for a larger-than-usual interest rate cut by the Federal Reserve this month.
The U.S. Labor Department reported that employment increased less than expected in August while the jobless rate dropped as expected, suggesting an orderly slowdown in the labor market.
Monetary policy in the six-member Gulf Cooperation Council (GCC), including the UAE, is usually guided by the Fed's policy decisions because most currencies in the region are pegged to the dollar.
Saudi Arabia's benchmark index .TASI dropped 1%, weighed down by a 0.8% decrease in aluminium products manufacturer Al Taiseer Group 4143.SE and a 1.9% fall in Al Rajhi Bank 1120.SE.
Elsewhere, oil giant Saudi Aramco 2222.SE retreated 0.9%.
Oil prices - a catalyst for the Gulf's financial markets - settled 2% lower on Friday, with a big weekly loss following the U.S. jobs data, which outweighed price support from a delay to supply increases by OPEC+ producers.
The Qatari benchmark .QSI fell 0.6%.
Outside the Gulf, Egypt's blue-chip index .EGX30 slid 2.4%, as most of its constituents were in negative territory including top lender Commercial International Bank COMI.CA, which was down 2.6%.
Egypt's central bank left its overnight interest rates on hold on Thursday, saying inflation pressures had subsided but that economic growth had softened.
SAUDI ARABIA | .TASI dropped 1% to 11,982 |
QATAR | .QSI lost 0.6% to 10,261 |
EGYPT | .EGX30 down 2.4% to 30,274 |
BAHRAIN | .BAX was up 0.7% to 1,950 |
OMAN | .MSX30 rose 0.3% to 4,773 |
KUWAIT | .BKP fell 0.3% to 7,790 |
Reporting by Ateeq Shariff in Bengaluru; Editing by Hugh Lawson
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