Stock markets in the Gulf declined on Thursday, as investors awaited key inflation data due on Friday to assess the likely path of interest rates from the U.S. Federal Reserve.
The crucial February reading of the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, is due on Friday © Mena Today
Stock markets in the Gulf declined on Thursday, as investors awaited key inflation data due on Friday to assess the likely path of interest rates from the U.S. Federal Reserve.
Saudi Arabia's benchmark index fell 0.3% with most sectors in the red and logged a 2.1% loss for the week.
Al Rajhi Bank, the world's largest Islamic lender, slipped 1.4% and Saudi Research and Media Group slumped 10%, the steepest drop in more than six years after the media firm posted a 15.9% decrease in annual net profit.
However, Saudi National Bank climbed 4.9%, the sharpest rise since early January, after the kingdom's largest lender has appointed a new chief executive in place of the acting CEO.
The Qatari benchmark index was down 0.1%, weighed down by losses in energy, finance, real estate and industry sectors with Qatar Navigation sliding 2.3% and Qatar International Islamic Bank dropping 1.4%.
In Abu Dhabi, the benchmark index slid for a fourth straight session and ended 0.1% lower, with Aldar Properties sliding 1.1% and First Abu Dhabi Bank, the UAE's largest lender, falling 0.6%.
Dubai's benchmark index was little changed as Commercial Bank of Dubai gained 4.4% and Dubai Financial Market added 3.5%.
The crucial February reading of the Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, is due on Friday.
A hot reading for the PCE index could dent market optimism around early rate cuts.
By Md Manzer Hussain
Egypt is ready to provide Saudi Arabia with the support it needs to defend its security and stability, the presidency said on Sunday, as Yemen's Iran-aligned Houthis intensify their attacks on the world's largest oil exporter.
Egyptian President Abdel Fattah al-Sisi said on Saturday Egypt would take any measures necessary to defend Saudi Arabia if asked, amid escalating Houthi attacks on the kingdom, and parliament announced an emergency session on Sunday.
Missiles struck Yemen's Aden International Airport on Friday, while a Saudi-led military coalition said it had intercepted a ballistic missile headed for the Red Sea city of Yanbu, a key Saudi oil hub that allows exports to avoid the Strait of Hormuz.
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