Traders chat during early hours after opening of the Bahrain stock market, in Manama, Bahrain June 26, 2016. REUTERS/Hamad I Mohammed/File Photo Purchase Licensing Rights, opens new tab
June 6 (Reuters) – Most stock markets in the Gulf tracked global peers higher in early trading on Thursday as hopes of a September interest rate cut by the Federal Reserve firmed after softer U.S. jobs data.
The May private payrolls report on Wednesday was the latest data to suggest an easing in labour market tightness that could propel the Fed to begin cutting rates this year.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Saudi Arabia’s benchmark stock index
advanced 0.7%, with most of its constituents posting gains. Al Rajhi Bank
, the world’s largest Islamic lender, climbed 1.3% and Saudi Aramco
added 0.9%.
The oil major Aramco held talks with U.S. firms Tellurian and NextDecade on two separate liquefied natural gas (LNG) projects, Reuters reported on Wednesday.
Among other gainers, Miahona Holding
, the water and wastewater infrastructure firm, jumped 29.91% on its market debut to 14.94 riyals compared to its IPO price of 11.50.
Dubai’s benchmark stock index
edged up 0.2%, supported by gains in most sectors, with tolls operator Salik Company
rising 0.9% and National Central Cooling
adding 1.6%.
The Abu Dhabi benchmark index
was up 0.1%, with the emirate’s largest developer Aldar Properties
rising 1.1% and Multiply Group
gaining 1.6%.
The Qatari benchmark index
rose 0.1%, helped by a 0.3% rise in Qatar Islamic Bank
and a 0.8% gain in Qatar Navigation
.
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Reporting by Md Manzer Hussain; Editing by Kevin Liffey
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