Dec 5 (Reuters) – Major Gulf stock markets fell in early trading on Tuesday, following a decline in Asian stocks as investors awaited U.S. jobs data and tempered expectations for a U.S. interest rate cut.
U.S. jobs data is due to be released at 3:30 p.m. Japan time, and broader employment data, which last month showed signs of slowing, is due to be released on Friday.
Most Gulf Cooperation Council countries peg their currencies to the US dollar, closely following the policies of the Federal Reserve, exposing the region to the direct effects of monetary tightening in the world’s largest economies.
Saudi Arabia’s benchmark index (.TASI) fell 0.1%, oil giant Saudi Aramco (2222.SE) fell 0.2% and Alinma Bank (1150.SE) fell 0.7%.
Crude oil prices, a catalyst for the Gulf financial market, remained little changed amid uncertainty over OPEC+’s voluntary production cuts, continued tensions in the Middle East, and weak economic indicators in the United States.
The Abu Dhabi market benchmark index (.FTFADGI) fell by 0.4%.
Meanwhile, among individual stocks, cryptocurrency giant Phoenix Group (PHX.AD) debuted at a level 50% higher than its listing price, with 907 million shares available for trading.
When the Abu Dhabi market opened, the shares were trading at Dh2.25 per share, compared to the asking price of Dh1.50.
Dubai’s main stock index (.DFMGI) fell 0.6%, blue-chip developer EMAR Properties (EMAR.DU) fell 1.6% and toll operator Salik (SALIK.DU) fell 2.5%. It fell.
Qatar’s benchmark index (.QSI) fell 0.5%, hit by a 1.2% decline in Qatar Islamic Bank (QISB.QA).
Report by Ateeq Shariff in Bangalore. Edited by: Varun HK
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