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
The Dubai Chamber of Commerce has announced the creation of the Cyprus Business Council, a new platform designed to strengthen trade, investment, and business cooperation between Dubai and Cyprus.
Saudi Arabia’s push to turn mining into a pillar of its post-oil economy got a major boost this week after a leading local operator reported the discovery of around 11 million tonnes of high-potential mineral resources in the kingdom’s southwest.
Saudi Arabia wants to attract a greater number of Japanese companies as the kingdom accelerates efforts to draw foreign investment and support its broad economic diversification agenda, the head of its sovereign wealth fund said on Monday.
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