Markets trade mixed, #Qatar jumps nearly 2% | Reuters

Markets trade mixed, Qatar jumps nearly 2% | Reuters

Major Gulf bourses traded mixed on Wednesday, tracking muted sentiment in Asia following hawkish comments by the U.S. Federal Reserve, while the Qatari index jumped about 1.7%.

Possible aggressive monetary tightening by the Fed to fight inflation weighed on Asian shares, with focus being on new Western sanctions against Russia over its invasion of Ukraine.

Fed Governor Lael Brainard said on Tuesday she expects a combination of interest rate increases and a rapid balance sheet runoff to bring U.S. monetary policy to a "more neutral position" later this year, with further tightening to follow as needed. read more

Meanwhile, oil futures rose as the sanctions' threat offset fears of weaker demand from a build-up of U.S. crude stockpiles and Shanghai's extended lockdown.

The Qatari index (.QSI) jumped 1.7% and was on track for its best daily percentage gain since March 2.

The exchange said on Tuesday it signed a deal with London Stock Exchange Group for a new trading system.

Qatar Islamic Bank (QISB.QA) and Masraf Al Rayan (MARK.QA) were the top percentage gainers, both up 2.5%.

Saudi Arabia's benchmark index (.TASI) was flat.

In Dubai, the main share index (.DFMGI) rose 0.1%, boosted by real estate sector heavyweight Emaar Properties (EMAR.DU).

Emirates Refreshments (ERC.DU) surged about 15% after it sought shareholder approval to increase issued share capital to 330 million dirhams ($89.85 million).

The Abu Dhabi index (.FTFADGI) edged lower at 0.2%.