Gulf markets cautious ahead of next week’s Federal Reserve meeting

Most stock markets in the Gulf dropped or stayed steady on Sunday as investors weighed the interest rate outlook ahead of next week’s Federal Reserve meeting, while the Saudi equities index bucked the trend.

Trading was cautious as investors eye the Fed’s meeting next week, where the central bank is widely expected to hold rates steady and will release updated economic projections.

The Qatari benchmark index was up marginally, with gains in industrials, utilities, real estate and energy offsetting losses in the finance, materials, consumer staples and communications sectors

Qatar National Bank, the region’s largest lender, and Qatar Islamic Bank both lost 0.6%, while Qatar Navigation climbed 3.6%.

Saudi Arabia’s benchmark index was up 0.3%, extending its rally to a fourth straight session with most sectors in the green.

ACWA Power surged 8.6% and Ades Holding rose 3.5%.

Among the gainers, Saudi Advanced Industries shot up 10% after it reported a 48.5% rise in full-year net profit.

Outside the Gulf, Egypt’s blue-chip index fell 0.8%, having risen the previous session, with almost all sectors in the red.

Eastern Company dropped 5.1% and E-Finance declined 5.6%.

The European Union announced a 7.4 billion euro ($8.1 billion) funding package and an upgraded relationship with Egypt, part of a push to stem migrant flows to Europe.

SAUDI ARABIA rose 0.3% to 12,762

KUWAIT ended flat at 8,147

QATAR ended flat at 10,258

EGYPT lost 0.8% to 31,062

BAHRAIN was down 0.8% to 2,031

OMAN lost 0.20% to 4,776