Most of the Gulf stock markets rose on bets on lower interest rates

According to CME Group’s Fed Watch tool, markets currently expect a 74 percent chance of a 25 basis point rate cut this month.

Market attention is likely to shift to the US jobs report scheduled for release tomorrow, Friday, and then November inflation data expected next week.

Usually guided countries of the Gulf Cooperation Council Its monetary policy is decided by the Federal Reserve Board because most currencies in the region are pegged to the dollar.

The Saudi index rose 0.4 percent, with aluminum products maker Al-Taiseer Group up 0.9 percent and Riyadh Bank up 3.6 percent.

The Abu Dhabi index gained 0.1 percent.

Oil prices, a catalyst for Gulf financial markets, gave up some of their gains after the OPEC+ alliance agreed to delay a planned increase in oil output until April 2025, and it will take another year to reverse all cuts by the end of 2026.

The delay in the increase comes as the coalition, which includes OPEC members and allies including Russia, tries to support prices as it battles weak demand, particularly from China, and increased supply from outside, according to Reuters.

Qatar’s index rose 0.5 percent, supported by a 0.6 percent increase in shares of Qatar National Bank, the largest bank in the Gulf.

The Dubai index fell 0.7 percent, weighed down by a 5.8 percent decline in the share of toll company Salik.

The main index in Bahrain settled at 2036 points.

The main index in Oman fell 0.1 percent to 4,572 points.

Kuwait’s main index rose 0.2 percent to 7,808 points.

Outside the Gulf region, Egypt’s leading stock index stabilized.

Egyptian Prime Minister Mostafa Madbouli said at a press conference yesterday, Wednesday, that Egypt intends to list three or four companies owned by the armed forces, and that the government will announce the detailed schedule of the offering next week.