Most Gulf markets end higher on Iran ceasefire, US rate cut expectations
June 29 (Reuters) - Most Gulf stock markets closed higher on Sunday, rebounding to levels last seen before the recent Iran-Israel conflict, as a holding ceasefire and growing expectations of U.S. rate cuts lifted investor sentiment.
Saudi Arabia's benchmark index (.TASI), opens new tab advanced 1.2%, led by a 2.3% rise in Al Rajhi Bank (1120.SE), opens new tab and a 3.3% increase in Riyad Bank (1010.SE), opens new tab.
The International Monetary Fund on Thursday raised its 2025 GDP growth forecast for Saudi Arabia to 3.5% from 3%, partly on the back of demand for government-led projects, and supported by the OPEC+ group's plan to phase out oil production cuts.
The world's largest group of oil producers, OPEC+, is set to announce another big increase of 411,000 barrels per day in production for August as it looks to regain market share, Reuters reported on Friday, citing four delegates from the group.
Oil behemoth Saudi Aramco's (2222.SE), opens new tab shares finished flat.
Qatar stock index (.QSI), opens new tab gained 0.8%, with almost all its constituents in positive territory, including the country's largest lender, Qatar National Bank (QNBK.QA), opens new tab, which rose 1.2%.
Investor focus also shifted toward potential U.S. monetary policy easing amid speculation that President Donald Trump may replace the Federal Reserve chair early, fuelling expectations of a more dovish stance from the central bank.
The Fed's decision affects monetary policy in the Gulf where most currencies, including the Saudi riyal, are pegged to the U.S. dollar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab closed 0.6% higher, with Commercial International Bank (COMI.CA), opens new tab climbing 1.2% higher.
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Most Gulf markets end higher on Iran ceasefire, US rate cut expectations
June 29 (Reuters) - Most Gulf stock markets closed higher on Sunday, rebounding to levels last seen before the recent Iran-Israel conflict, as a holding ceasefire and growing expectations of U.S. rate cuts lifted investor sentiment. Saudi Arabia's benchmark index (.TASI), opens new tab advanced 1.2%, led by a 2.3% rise in Al Rajhi Bank ( opens new tab and a 3.3% increase in Riyad Bank ( opens new tab. The International Monetary Fund on Thursday raised its 2025 GDP growth forecast for Saudi Arabia to 3.5% from 3%, partly on the back of demand for government-led projects, and supported by the OPEC+ group's plan to phase out oil production cuts. The world's largest group of oil producers, OPEC+, is set to announce another big increase of 411,000 barrels per day in production for August as it looks to regain market share, Reuters reported on Friday, citing four delegates from the group. Oil behemoth Saudi Aramco's ( opens new tab shares finished flat. Qatar stock index (.QSI), opens new tab gained 0.8%, with almost all its constituents in positive territory, including the country's largest lender, Qatar National Bank ( opens new tab, which rose 1.2%. Investor focus also shifted toward potential U.S. monetary policy easing amid speculation that President Donald Trump may replace the Federal Reserve chair early, fuelling expectations of a more dovish stance from the central bank. The Fed's decision affects monetary policy in the Gulf where most currencies, including the Saudi riyal, are pegged to the U.S. dollar. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab closed 0.6% higher, with Commercial International Bank ( opens new tab climbing 1.2% higher.
