MIDEAST STOCKS-Most Gulf bourses gain on US rate cut bets

Tadawul All Shares Index -0.30%
MAADEN -0.57%
ELM -0.93%
SAUDI ARAMCO +0.99%

Tadawul All Shares Index

TASI.SA

12666.90

-0.30%

MAADEN

1211.SA

52.20

-0.57%

ELM

7203.SA

980.00

-0.93%

SAUDI ARAMCO

2222.SA

30.60

+0.99%

By Ateeq Shariff

- Most stock markets in the Gulf gained on Thursday, tracking global shares higher on optimism that the U.S. Federal Reserve could begin cutting interest rates early next year.

The MSCI world equity index .MIWD00000PUS, which tracks shares in 47 countries, gained 0.2%, with European shares steady and just shy of a 23-month high hit two weeks ago. MKTS/GLOB

Monetary policy in the six-member Gulf Cooperation Council is usually guided by the Federal Reserve's decisions, as most regional currencies are pegged to the dollar.

Saudi Arabia's benchmark index .TASI gained 0.4%, led by a 1.5% rise in ELm Co 7203.SE, while Saudi Arabian Mining Company (Maaden) 1211.SE finished 2.2% higher.

Maaden said on Thursday it had discovered multiple gold deposits south of its existing Mansourah Massarah gold mine, indicating the potential to expand gold mining in the area.

However, oil giant Saudi Aramco 2222.SE lost 0.3%.

Oil prices - a catalyst for the Gulf's financial markets - fell around 1% as concerns eased about shipping disruptions along the Red Sea route.

Dubai's main share index .DFMGI added 0.3%, helped by a 0.9% increase in blue-chip developer Emaar Properties EMAR.DU.

The Dubai stock market continued to record gains albeit in small increments. The market could benefit from the improving sentiment among investors with expectations leaning toward interest rate cuts, said Hani Abuagla, Senior Market Analyst at XTB MENA.

"Strong local fundamentals could also help attract investors to the market and secure positive performances."

In Abu Dhabi, the index .FTFADGI closed 0.4% higher.

The Qatari benchmark .QSI climbed 0.6%, rising for a 10th consecutive session, driven by a 1.5% gain in the Gulf's biggest lender Qatar National Bank QNBK.QA.

Outside the Gulf, Egypt's blue-chip index .EGX30 increased 1.4%, with top lender Commercial International Bank COMI.CA gaining 1.4%.


SAUDI ARABIA

.TASI up 0.4% to 11,932

ABU DHABI

.FTFADGI rose 0.4% to 9,564

DUBAI

.DFMGI added 0.3% to 4,050

QATAR

.QSI gained 0.6% to 10,590

EGYPT

.EGX30 rose 1.4% to 24,691

BAHRAIN

.BAX advanced 0.8% to 1,961

OMAN

.MSX30 lost 0.8% to 4,485

KUWAIT

.BKP was up 0.5% to 7,477


(Reporting by Ateeq Shariff in Bengaluru)

((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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