Gulf markets opened the week in a cautious mood, showing little movement as investors balanced softening oil prices with anticipation of a U.S. Federal Reserve decision later this week.
Saudi Arabia’s benchmark inched up 0.1%, buoyed by a 0.7% lift in Al Rajhi Bank, while newcomers like Consolidated Grunenfelder Saady Holding Co made a modest splash, debuting 3% higher at 10.30 riyals per share.
Dubai’s main index slipped 0.1%, Abu Dhabi eked out a 0.1% gain, and Qatar’s benchmark rose 0.2%, led by a 1.1% jump in Qatar Islamic Bank.
Markets are digesting mixed U.S. signals: the Personal Consumption Expenditures (PCE) inflation gauge met expectations, consumer sentiment ticked up, and private payrolls recorded their sharpest November drop in over two years—though weekly jobless claims hit a three-year low.
The CME’s FedWatch Tool indicates traders now see an 89% probability of a quarter-point rate cut when the Fed meets on December 9–10. Oil, the region’s market lifeblood, continued its slide after a 2% drop on Monday, amid concerns over abundant supply, ongoing Russia-Ukraine tensions, and the looming U.S. interest rate decision.
Investors appear to be in wait-and-see mode, letting global cues guide the early rhythm of Gulf trading.
