Saudi Arabia's benchmark index gained 0.6%, with
Retal Urban Development Co advancing 1% and Al Rajhi
Bank rising 0.9%.
U.S. manufacturing activity slumped in March to the lowest
level in nearly three years as new orders plunged, and analysts
said activity could decline further due to tighter credit
conditions.
Market watchers have been trying to gauge how much longer
the Federal Reserve might need to keep raising interest rates to
cool inflation and whether the U.S. economy might be headed for
recession.
Most Gulf Cooperation Council countries, including Saudi
Arabia, the United Arab Emirates and Qatar, have their
currencies pegged to the U.S. dollar and follow the Fed's policy
moves closely, exposing the region to a direct impact from
monetary tightening in the world's largest economy.
Separately, Saudi Arabian auto rental firm Lumi has hired
Saudi Fransi Capital and EFG Hermes to arrange the
sale of 30% of its shares in a planned initial public offering
(IPO), Reuters reported on Monday, citing two sources.
In Abu Dhabi, the index added 0.2%.
The Qatari benchmark climbed 0.8%, as most of the
constituents on the index were in positive territory including
Qatar Islamic Bank , which was up 1.2%.
Dubai's main share index , however, was flat in
early trading.
(Reporting by Ateeq Shariff in Bengaluru; Editing by Rashmi
Aich)
April 4 (Reuters) - Most Gulf stock markets rose in
early trade on Tuesday amid rising oil prices, although renewed
economic concerns after subdued U.S. manufacturing activity data
capped gains.
Crude prices - a key catalyst for the Gulf's financial
markets - rose after OPEC+ plans to cut more production jolted
markets on Monday, with investor attention shifting to demand
trends and the impact of higher prices on the global economy.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.