Gulf markets mixed on oil slide, signs of Fed slowdown


Nov 24 (Reuters) – Gulf stock markets ended mixed on Thursday as oil prices tumbled, as less hawkish minutes from the U.S. Federal Reserve’s latest policy meeting fueled speculation a slowdown in stock market increases. interest rate.

Most of the Gulf Cooperation Council countries, including Saudi Arabia, the United Arab Emirates and Qatar, have their currencies pegged to the US dollar and generally follow Federal Reserve policy decisions, exposing the region to an impact. direct from monetary tightening in the United States.

Saudi Arabia’s benchmark (.TASI) fell 0.2%, hit by a 1.5% decline in Retal Urban Development Co (4322.SE) and a 4.7% decline in Dr Sulaiman Al-Habib Medical Services (4013.SE).

The index posted its fifth straight weekly decline, down 1.8%.

Separately, Saudi eye care group Magrabi is eyeing an IPO of its hospital business next year and has committed banks to the deal, Reuters reported on Thursday, citing two sources familiar with the matter.

Dubai’s main stock market index (.DFMGI) finished flat.

In Abu Dhabi, the index (.FTFADGI) gained 0.1%, helped by a 0.8% rise in the country’s largest lender, First Abu Dhabi Bank (FAB.AD).

The Qatari index (.QSI) lost 0.3%, with Qatar Islamic Bank (QISB.QA) down 1.1% and Islamic lender Masraf Al Rayan (MARK.QA) down 1.5%.

The Qatari stock market has been tracking natural gas price volatility and could register price corrections if a negative trend takes hold in energy prices, said Farah Mourad, senior market analyst at XTB MENA.

Oil prices – a key catalyst for Gulf financial markets – fell, hovering around two-month lows, with the level of a G7-proposed cap on the price of Russian oil raising doubts about the supply limitation.

The G7 group of nations are considering capping Russian oil transported by sea at $65-70 a barrel, a European official said, although European Union governments have yet to agree on a price.

Outside the Gulf, Egypt’s blue chip index (.EGX30) rose 1.4%.

Reporting by Ateeq Shariff in Bengaluru Editing by Mark Potter

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