Major stock markets mixed in early trade | Reuters

Major stock markets mixed in early trade | Reuters

Stock markets in the Gulf were mixed in early trade on Tuesday, awaiting U.S. inflation data due the following day that will likely yield clues to any further aggressive Federal Reserve rate hikes.

Saudi Arabia's benchmark index (.TASI) edged up 0.1%, helped by a 1.4% rise in Saudi Basic Industries Corp (SABIC) (2010.SE) after the petrochemicals maker reported a 4% rise in second-quarter profit.

SABIC reported a net profit of 7.93 billion riyals ($2.1 billion) in the three months to June 30, up from 7.64 billion in the year-ago period. read more

Dubai's main share index (.DFMGI) gained 0.5%, with blue-chip developer Emaar Properties (EMAR.DU) advancing 1.5% and logistics firm Aramex jumping 4%.

The United Arab Emirates government's net operating surplus more than doubled in the first quarter to 36.4 billion dirhams ($9.9 billion) as surging oil prices boosted public revenue, finance ministry data showed on Monday.

High oil prices and increased production have been a boon for the UAE's economy this year, along with a continued decline in the impact of the pandemic.

In Abu Dhabi, equities (.FTFADGI) eased 0.2%, with conglomerate International Holding Co (IHC) (IHC.AD) falling 0.3% in a choppy trade, on course to snap three sessions of gains.

IHC reported a quarterly profit of 6.81 billion dirhams ($1.9 billion), up from 2.87 billion a year ago.

The Qatari index (.QSI) was flat, as gains in financial shares were offset by losses elsewhere.

Oil prices, a key catalyst for the Gulf's financial markets, slipped as traders eyed the latest progress in last-ditch talks to revive the 2015 nuclear accord with Iran, which would clear the way to boost its crude exports in a tight market.