Mideast Stocks: Most Gulf bourses track global rally as Fed's easing bets rise
Friday's soft U.S. nonfarm payrolls data added to the case for a cut by the Fed, with odds for a September rate cut now standing at about 94%, according to CME Fedwatch, compared with a 63% chance at the start of last week.
Interest rate moves by the Fed have a significant impact on the Gulf region's monetary policy because most of its currencies are pegged to the U.S. dollar.
Dubai's benchmark stock index advanced 0.6%, supported by gains in shares linked to the real estate, utilities and industry sectors.
Emaar Properties added 1.5% and Emirates Central Cooling Systems Corporation rose 1.7%. District cooling services provider EMPOWER reported a 15.3% increase in quarterly net profit attributable to shareholders.
Meanwhile, Dubai's non-oil sector showed a solid recovery, with its PMI rising to 53.5 in July from 51.8 in June, driven by a sharper improvement in sales volumes.
The Abu Dhabi benchmark index rose 0.3%, after two consecutive sessions of losses, lifted by a 2.4% advance in Abu Dhabi Commercial Bank and a 1.3% gain in Burjeel Holding.
The Qatari benchmark index edged up 0.2%, aided by a 1.3% rise in telecom services provider Ooredoo and a 0.8% gain in Qatar Islamic Bank.
Saudi Arabia's benchmark stock index was up 0.2% in early trading, with most sectors in positive territory, led by IT, real estate and healthcare stocks.
Digital security firm Elm Company advanced 3% and ADES Holding gained 2.3%. Oil drilling group ADES has agreed to buy Oslo-listed rival Shelf Drilling for 3.9 billion Norwegian crowns ($379.33 million) in cash.
Saudi Aramco, however, was down 0.3%. Oil giant Aramco reported a 22% drop in second-quarter profit, mainly on lower revenue, while it racked up more debt.
(Reporting by Md Manzer Hussain; Editing by Helen Popper )
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