Gulf Stock Markets End Mixed as Investors Weigh China Growth Uncertainties

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Gulf Stock Markets End Mixed Amid China Growth Uncertainties

Gulf stock markets ended mixed on Monday, with investors cautious amid ongoing uncertainties about China's economic growth.

The Dubai Financial Market (DFM) index closed up 0.2% at 3,261.42 points, while the Abu Dhabi Securities Exchange (ADX) index edged down 0.1% to 9,163.22 points.

The Qatar Exchange (QE) index rose 0.3% to 10,533.19 points, while the Saudi Tadawul index fell 0.2% to 11,624.86 points.

The mixed performance of Gulf stock markets came as investors weighed the latest economic data from China.

On Friday, China's National Bureau of Statistics reported that the country's economy grew by 0.4% in the second quarter of 2023, the slowest pace of growth in nearly two years.

The slowdown in China's economy has raised concerns about the global economic outlook.

"The weak Chinese data has added to the downside risks for global growth," said Mohammed Ali Yasin, chief economist at Al Mal Capital.

"Investors are likely to remain cautious in the near term until there is more clarity about the global economic outlook."

In addition to the concerns about China's economy, investors were also keeping an eye on the upcoming meeting of the Federal Reserve.

The Fed is widely expected to raise interest rates by 0.75 percentage points at its meeting on Wednesday.

"The Fed's decision on interest rates will be another important factor for investors to watch," said Yasin.

"A hawkish Fed could weigh on global stock markets."

Overall, the outlook for Gulf stock markets remains uncertain in the near term.

Investors will be closely watching the latest economic data and central bank decisions for direction.