Mideast Stocks: Gulf markets end mixed on earnings, US rate outlook

Mideast Stocks: Gulf markets end mixed on earnings, US rate outlook

Stock markets in the Gulf ended mixed on Thursday, following a slew of upbeat corporate earnings, while regional tensions and dampened hopes of early rate cuts by the U.S. Federal Reserve weighed on sentiments.

Saudi Arabia's benchmark index gained 0.4%, with Americana Restaurants International surging 9.8% — its biggest intraday gain since December 2022. 

The fast-food restaurant operator in the Middle East and Kazakhstan declared a one-time special dividend alongside a regular annual payout. Americana, primarily listed on Abu Dhabi bourse, reported full-year net profit attributable to shareholders of $259.5 million, little changed from 2022. 

Separately, Saudi Arabia's Modern Mills Company is seeking to raise up to 1.178 billion riyals ($314.12 million) from its planned initial public offering priced between 44 riyals and 48 riyals a share.

In Abu Dhabi, the index edged up 0.1%, helped by an 11.1% jump in Americana Restaurants International.

Dubai's main share index added 0.4%, with blue-chip developer Emaar Properties rising 0.6%, while Union Properties advanced 14.9%. 

Union Properties, which saw its biggest intraday gain since July, on Wednesday recorded an annual net profit of 811 million dirhams ($220.82 million), up from 30 million dirhams in 2022.

The Qatari benchmark dropped 0.6%, weighed down by a 1.2% fall in Qatar Islamic Bank and a 1.3% decrease in petrochemical maker Industries Qatar. 

Data On Tuesday showed U.S. core consumer prices in January stayed at nearly double the Fed's 2% target, forcing investors to reassess their rate cut expectations.

Most Gulf currencies are pegged to the dollar. Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States.

Outside the Gulf, Egypt's blue-chip index was up 0.2%.