Gulf markets mixed in early trade
Stock markets in the Gulf put a mixed performance in early trading on Monday, as investors awaited a key US inflation reading and comments from the Federal Reserve officials this week.
Dubai’s benchmark stock index retreated from the previous session’s gains and slipped 0.5 percent, with most sectors in the red.
The blue-chip developer Emaar Properties dropped 1.5 percent and Dubai Islamic Bank slid 1 percent.
The Abu Dhabi benchmark index fell marginally, with Emirate’s largest developer Aldar Properties losing 1.3 percent while Multiply Group and Alef Education gained 2.1 percent and 4.3 percent, respectively.
Saudi Arabia’s benchmark stock index was up 0.1 percent, lifted by gains in finance and industry stocks.
Saudi National Bank, the kingdom’s largest lender, rose 1.9 percent and ADES Holding added 1.6 percent.
London’s FTSE 100 flat
London’s FTSE 100 was flat on Monday as investors turned cautious ahead of key inflation data in the United States, while a downtick in oil and copper prices weighed.
The blue-chip FTSE 100 was unchanged after touching a two-week high on Friday, while the mid-cap FTSE 250 was off 0.1 percent at 0709 GMT.
The energy sector fell 0.3 percent, in tandem with oil prices, as concerns of higher-for-longer interest rates in the US strengthened the dollar.
Industrial miners slipped 0.7 percent, as concerns of muted Chinese demand kept traders on the sidelines, pulling down copper prices.
European equities waver at open
Europe’s main stock markets stabilised in opening deals on Monday.
London’s benchmark FTSE 100 index of top blue-chip companies edged marginally lower to stand at 8,235.45 points.
In the eurozone, the Paris CAC 40 index rose 0.3 percent to 7,649.97 points and Frankfurt’s DAX added 0.2 percent to reach 18,207.55 points.
Hong Kong stocks drop at open
Hong Kong stocks opened on a negative note Monday following another weak lead from Wall Street, with investors preparing for a week of key US economic data and a presidential debate.
The Hang Seng Index slipped 0.68 percent, or 122.16 points, to 17,906.36.
The Shanghai Composite Index lost 0.51 percent, or 15.31 points, to 2,982.83, while the Shenzhen Composite Index on China’s second exchange shed 0.70 percent, or 11.60 points, to 1,642.72.
Indian shares set to open lower
Indian shares are set to open lower on Monday, with the focus on small- and mid-cap stocks after a report said the country’s markets regulator was investigating allegations of “front-running” at Indian fund house Quant Mutual Fund.
The GIFT Nifty was trading at 23,388 as of 07:53 a.m. IST, indicating that the Nifty 50 will open below its close of 23,501.10 on Friday.
The benchmarks ended lower on Friday, succumbing to profit booking after hitting all-time highs, although they posted a third straight week of gains powered by a rally in financials.
Australian shares edge lower
Australian shares edged lower on Monday, as losses in commodity stocks slightly overshadowed the gains in banking and technology stocks, while investors awaited domestic consumer price data.
The S&P/ASX 200 index fell 0.1 percent to 7785.4 as of 0035 GMT.
The benchmark rose 0.3 percent on Friday.
Commodity prices declined, after iron ore prices posted a fourth consecutive weekly loss amid talks of a cap on crude steel output in top consumer China, while oil prices retreated on worries that global oil demand growth could be hit by a strong US dollar.
Japan’s Nikkei squeezes out gains
Japan’s Nikkei share average eked out gains on Monday after a mixed session on Wall Street last Friday, with export-related stocks getting some support from a weaker yen.
The S&P 500 and Nasdaq closed slightly lower on Friday while the Dow ended almost flat, with technical factors and a second day of declines for Nvidia weighing on the market.
“What we’re seeing is a repeat of what happened into the end of May, where there was selling from these real money fund managers to get back to benchmark weightings, particularly things like the Nasdaq and Nvidia,” said Tony Sycamore, a market analyst at IG.
That, in turn, weighs on the Nikkei, he added. Japanese chip shares, in particular, which have been some of the Nikkei’s strongest performers over the past year, were finding momentum hard to come by on Monday as a result.
Saudi shares rise after holiday break
Saudi and Egyptian stocks climbed on Sunday, supported by broad-based gains as investors returned from a week-long Eid break, while most Gulf bourses ended lower.
Saudi Arabia’s benchmark index rebounded after it hit a six-month low in the session before a holiday break, and ended 2percent higher with most of its constituents posting gains.
Utility firm ACWA Power rose 10 percent and Saudi National Bank, the kingdom’s largest lender, advanced 3.6 percent, while oil major Saudi Aramco added 1.4 percent. Among other gainers, Rasan Information Technology, surged 10.6 percent to 53.20 riyals per share on its first trading day after its market debut on June 13. The fintech firm Rasan was 43.8 percent higher than its initial public offering price of 37 riyals. The Qatari benchmark index was up 0.2 percent, extending its gains for the fourteenth session, the longest rally in nearly a year.
Qatar International Islamic Bank rose 1.1 percent, while petrochemicals and fertilizers conglomerate Industries Qatar (IQ) and fuel distributor Qatar Fuel Co added 0.2 percent and 0.9 percent respectively.
IQ and Qatar Fuel’s largest shareholder, energy giant QatarEnergy has entered into a long-term agreement to supply ENEOS Corporation, a refining and petrochemical company based in Japan, with up to 9 million tons of naphtha over 10 years.
Outside the Gulf, Egypt’s blue-chip index advanced for a fifth consecutive session to end 2.4 percent higher, with almost all stocks on the index posting gains. EFG Holding climbed 6.3 percent and Telecom Egypt rose 7 percent.