Stock markets in the Gulf put in a mixed performance on Sunday amid rising oil prices and receding hopes of rapid interest rate cuts by the U.S. Federal Reserve after a series of inflation readings.
The oil price - a catalyst for the Gulf's financial markets- settled higher on Friday, drawing support from tensions in the Middle East.
The Qatari benchmark index (.QSI), opens new tab was up after two straight sessions of losses and ended 0.3% higher with all sectors in positive territory.
Qatar Islamic Bank (QISB.QA), opens new tab and Masraf Al Rayan (MARK.QA), opens new tab gained 0.9% and 0.7%, respectively, while Industries Qatar (IQCD.QA), opens new tab added 0.3%.
Saudi Arabia's benchmark index (.TASI), opens new tab was down for a fifth straight session and shed 0.2%, with almost all sectors in the red. ACWA Power (2082.SE), opens new tab fell 5.7% and Middle East Pharmaceutical Industries (4016.SE), opens new tab, slid 2.1%.
However, Arab National Bank (1080.SE), opens new tab advanced 1.9% after the lender reported a 15.7% rise in quarterly net profit.
U.S. monthly inflation rose moderately in March, but stubbornly higher costs for housing and utilities suggested the Federal Reserve could keep interest rates elevated for a while.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy changes are usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab extended its decline to a fourth straight session and lost 4.9% to 24,640, its lowest level in four months.
Talaat Mostafa Group (TMGH.CA), opens new tab and Egypt Kuwait Holding (EKHO.CA), opens new tab slumped 9.7% and 6.9% respectively, while Commercial International Bank (COMI.CA), opens new tab dropped 4.8%.
Meanwhile, Egypt has committed to addressing its recourse to central bank overdraft facilities and off-budget public sector activity, practices that have contributed to pressure on the currency and the exchange rate, the IMF said on Friday.
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