Gulf markets gain as rate hike fears ease
Most of the Gulf stock markets closed on Sunday higher, supported by stable oil prices and a decline in expectations of a US interest rate hike. This boosted investors' appetite for risk after a prior wave of selling. The Saudi index rose by 1.1% after five consecutive weeks of decline, with Al Rajhi Bank's stock advancing by 1.7% and Saudi Aramco's stock up by 0.6%, supported by oil prices remaining steady around $102.25 per barrel. US labor market data, which showed modest growth of 29,000 jobs in September, tempered expectations of a Federal Reserve rate increase and reduced the likelihood of a hike this month to 80%. Gulf indices varied between slight declines, as seen in Qatar and Kuwait, and modest gains in Bahrain and Oman, while Egypt's index increased by 1.6%.
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