Mideast Stocks: Gulf Markets Mixed in Early Trade as US Shutdown Raises Concerns

Major Gulf stock markets opened with mixed performance on Wednesday, as the U.S. government shutdown raised concerns about the delay in the release of crucial jobs data, clouding future interest rate trends.

The U.S. government shut down much of its operations as deep partisan divisions prevented Congress and the White House from reaching a funding deal, setting off what could be a long, grueling standoff that could lead to the loss of thousands of federal jobs.

The shutdown could delay the release of key economic data, including the non-farm payrolls report due on Friday.

Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.

Saudi Arabia's benchmark index gained 0.1%, with Saudi Arabian Mining Company gaining 1.1%.

In Abu Dhabi, the index eased 0.1%, hit by a 2.9% fall in ADNOC Distribution as the firm traded ex-dividend.

Oil prices - a catalyst for the Gulf's financial markets - steadied after two days of declines as investors weighed OPEC+ plans for a larger output hike next month and the outcome of a U.S. government shutdown that could impact economic activity and fuel demand.

Dubai's benchmark DFM General Index rose 0.5%, buoyed by gains in key stocks. Blue-chip real estate developer Emaar Properties climbed 1.9%.

Supermarket operator Spinneys surged 2.6% following the announcement of its joint venture with Ayala Corp. to introduce premium grocery stores in the Philippines.

The Qatari benchmark dropped 0.8%, hit by a 1.2% fall in the Gulf's biggest lender Qatar National Bank.