Gulf trading floors opened the week with the energy of a half-charged battery — faint flickers of movement, but not much spark. With oil prices sagging and the U.S. Federal Reserve’s next move shrouded in its usual fog, most regional indices simply floated in place.
Oil, the region’s favorite weathervane, dipped after Russian exports resumed through Novorossiysk, the Black Sea hub that briefly went silent following a Ukrainian strike. Brent lingered in the low-60s, offering little inspiration for traders scanning their terminals for momentum.
Qatar’s market took the hardest hit, sliding 0.6% as nearly every major name tilted lower. Industries Qatar slipped more than a percentage point, and Qatar National Bank eased into the red.
Dubai carried a softer tone as well, down 0.3% amid weakness across consumer names, property counters, and telecoms. Emaar shed over 2%, and Spinneys continued its own downward shuffle.
Abu Dhabi wasn’t spared either. Its index dipped 0.5%, with heavyweights across the board stepping back. Abu Dhabi Commercial Bank retreated, Presight AI slipped, and a cluster of ADNOC-linked names — from drilling to logistics — edged lower in quiet unison.
One ADNOC storyline broke the monotony: the European Commission has waved through the company’s multibillion-euro pursuit of Covestro, albeit with conditions attached.
Saudi Arabia stood out as the lone bright patch. Its benchmark floated up 0.2%, led by gains in financials and energy services. Saudi National Bank added some lift, while Arabian Drilling surged after securing four rig contract renewals worth more than 2 billion riyals.
All eyes now swivel toward the delayed U.S. non-farm payrolls data landing later this week — a report that could tilt expectations on interest rates yet again. With Gulf currencies tied to the dollar, every whisper from Washington tends to echo through the region’s markets.
For now, investors wait, watch, and wonder whether the next spark comes from oil, the Fed, or both.
