Gulf stock markets ended higher on Sunday, led by Qatar’s index, after slowing U.S. job growth in April raised hopes of a rapid rate cut. interest by the US Federal Reserve.
The Labor Department’s jobs report showed the U.S. economy created fewer jobs than expected, while the unemployment rate rose and wage growth unexpectedly slowed.
The report prompted investors to bet more on an initial interest rate cut from the Fed in September.
Most Gulf countries’ currencies are pegged to the dollar, and any change in US monetary policy is usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Qatar’s benchmark index rebounded from three consecutive sessions of losses and ended up 0.8%, with all sectors in positive territory.
Qatar National Bank, the region’s largest lender, rose 1.2% and Industries Qatar gained 0.7%.
Saudi Arabia’s benchmark index was up for the second straight session and rose 0.2%, led by gains in the financials, industrials, consumer discretionary and consumer sectors. ‘energy.
Al Rajhi Bank, the world’s largest Islamic lender, and Saudi National Bank, the kingdom’s largest lender, rose 1.5% each.
Among other gainers, Thob Al Aseel rose 3.5%, after the clothing supplier reported a 44% rise in quarterly net profit.
Meanwhile, Saudi Arabia’s non-oil business activity grew at a steady pace in April despite a slowdown in the growth of new orders, a survey showed on Sunday, with domestic demand boosting output.
SAUDI ARABIA +0.2% to 12,373
KUWAIT +0.2% to 7,667
QATAR +0.8% to 9,690
EGYPT Closed
BAHRAIN added 0.1% to 2,031
OMAN gains 0.7% to 4,805
