Stock markets in the Gulf tracked global peers higher on Thursday, led by the Qatar index, as the optimism around potential U.S. interest rate cuts raised investors' risk appetite.
Saudi Arabia's benchmark stock index rose for the fourth straight session, up 0.7%, with most of its constituents posting gains © Mena Today
Stock markets in the Gulf tracked global peers higher on Thursday, led by the Qatar index, as the optimism around potential U.S. interest rate cuts raised investors' risk appetite.
Data on Wednesday showed lower growth in the U.S. services industry and bolstered optimism over the potential easing of monetary policy. Sentiment was aided by a reaffirmation from Federal Reserve Chair Jerome Powell that U.S. rates were still on course to be cut this year, though the timing was data-dependent.
Outside the Gulf, Egypt's blue-chip index gained 2%, with almost all stocks in the green.
By Md Manzer Hussain
Saudi Arabia and Indonesia signed several deals and memos of understanding worth around $27 billion between private sector institutions in several fields including clean energy and petrochemicals, the Saudi state news agency SPA reported on Wednesday.
The Egyptian government has successfully completed its second sovereign sukuk issuance, valued at $1 billion, as part of its broader strategy to diversify financing tools and investor bases.
The United Arab Emirates has announced the creation of a new Ministry of Foreign Trade, as part of its efforts to strengthen its position in the global economy and diversify its trade partnerships.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.