MUSCAT : The dip followed cautious remarks from Federal Reserve Chair Jerome Powell, who indicated that another rate cut this year remains undecided despite two reductions in 2025.

Oil prices fell by more than one percent today due to the decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to temporarily halt production increases in the first quarter of next year, along with weak manufacturing data and a rising dollar.

In Saudi Arabia, the benchmark index surrendered early gains to close down 0.7 percent—its fourth straight day of decline. The fall was led by a 1.5 percent drop in Al Rajhi Bank shares and a sharp 4.2 percent decline in ACWA Power, a day after the utility firm’s third-quarter earnings missed analysts’ forecasts. Bucking the trend, Saudi Aramco shares edged up 0.7 percent, while Saudi Telecom climbed 1.5 percent on higher quarterly revenue.

Elsewhere in the region, Abu Dhabi’s main index gained 0.4 percent, buoyed by a 3.1 percent rise in Aldar Properties, while Dubai’s benchmark slipped 0.1 percent as Emirates NBD—the UAE’s largest bank—fell 2.7 percent. The Bahrain Stock Exchange index remained steady at 2,078 points.

Outside the Gulf, Egypt’s blue-chip index rose 1.1 percent to reach a record high, supported by a 4.8 percent surge in Talaat Moustafa Group Holding shares.

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