The GCC stock markets were in an uncertain direction for the most part as traders waited for the US CPI release today.
Uncertainty in oil markets and geopolitical tensions also weighed on sentiment.
The Saudi stock market was up slightly after a negative performance yesterday while the main index continued to trade within a range for the last couple of weeks.
The energy sector was seeing improvements today, led by Aramco and Ades, while the insurance sector was mostly positive, led by Al Rajhi Takaful. The market could find support in the strong local fundamentals and could rise further if oil prices increase more clearly.
The Dubai stock market was volatile today and remained without much change for the last five sessions. The financial and real estate sectors were both under some pressure. The Dubai stock market remained on an uptrend overall although price correction risks remain while geopolitical tensions could continue to weigh on sentiment.
The Abu Dhabi stock market was mostly flat today, similar to the last four trading sessions and remained near a support level. The market continued to be impacted by the uncertain outlook for oil as well as by geopolitical tensions.
The Qatari stock market was mostly unchanged, with Nakilat and others seeing gains, while the banking sector was under some pressure, with QNB and Qatar Islamic Bank down.
