Major Gulf bourses gain as PMIs signal growth
Saudi Arabia's benchmark stock index (.TASI), opens new tab rose 0.4%, with most sectors in the green, led by finance, materials and energy.
Saudi National Bank (1180.SE), opens new tab, the kingdom's largest lender by assets, gained 1.6% and oil major Saudi Aramco (2222.SE), opens new tab added 0.6%.
The retailer Fawaz Abdulaziz Al Hokair & Company (4240.SE), opens new tab, the index's best performer, climbed 7% and Saudi Basic Industries (2010.SE), opens new tab added 1.3%.
The expansion in Saudi Arabia's non-oil private sector activity accelerated in June, driven by robust client demand and a surge in hiring, a survey showed on Thursday.
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI) rose to a three-month high of 57.2 from May's 55.8, putting it further above the 50-point line denoting growth.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab rose 0.2%, lifted by a 4% advance in Presight AI (PRESIGHT.AD), opens new tab and a 3.2% gain in Space42 (SPACE42.AD), opens new tab.
Dubai's benchmark stock index (.DFMGI), opens new tab advanced 0.6%, supported by gains in real estate, utilities and industry sectors. Emaar Properties (EMAR.DU), opens new tab added 1.5% and tolls operator Salik (SALIK.DU), opens new tab rose 1.7%.
The UAE's non-oil private sector grew steadily in June even as regional tensions weighed on demand, and firms ramped up output to tackle backlogs, a survey showed on Thursday.
The Qatari benchmark index (.QSI), opens new tab was little changed with Qatar Gas Transport (QGTS.QA), opens new tab adding 0.5% while Qatar Islamic Bank (QISB.QA), opens new tab, shedding 0.7%.
The market's focus now will turn to a key U.S. jobs report later in the day that may justify imminent rate cuts by the Federal Reserve. Futures imply a 25% probability for a rate cut this month from the Fed.
The U.S central bank's decisions have a significant impact on the Gulf region's monetary policy, as most currencies there are pegged to the U.S. dollar.
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