Major stock markets in the Gulf were mixed on Tuesday, amid rising oil prices, while investors looked toward what the U.S. Federal Reserve would say about the interest rate outlook after its policy meeting this week.
Oil prices — a catalyst for the Gulf's financial markets — edged up as Israel-Hamas talks offered hopes of a ceasefire even as Red Sea attacks continued. Brent rose 0.2% to $88.55 a barrel by 1300 GMT.
Saudi Arabia's benchmark stock index closed 0.2% higher, up for a second straight session. But the index posted losses for the second month in a row. Among individual stocks, Acwa Power gained 1.7% and Middle East Pharmaceutical added 2.5%, while Saudi Arabian Mining, known as Ma'aden, dropped 2.1%.
The Kingdom's flagship mining firm Ma'aden said it would acquire fertilizers maker Mosaic's stake in a phosphate production joint venture by issuing shares worth about $1.5 billion.
In Abu Dhabi, the benchmark index rose 0.1% and extended gains to a third consecutive session. But it was down 1.7% for the month, its fourth straight monthly loss. Abu Dhabi Islamic Bank declined 1.8% and First Abu Dhabi Bank, the UAE's largest lender, shed 0.2%. However, Aldar Properties rose 1.9% and Abu Dhabi Commercial Bank added 1.2%.
The Qatari benchmark index fell 0.2%, snapping two straight session of gains, weighed down by a 3.9% drop in Qatar International Islamic Bank and a 3.1% slide in Barwa Real Estate.
Dubai's benchmark index eased 0.1%, dragged down by losses in consumer discretionary, utilities and industry sectors, with Mashreqbank falling 4.4% and Commercial Bank of Dubai losing 2.8%. Investors will now focus on the Fed's two-day meeting ending on Wednesday at which it is expected to stand pat on interest rates.
Most Gulf currencies are pegged to the dollar and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index dropped 6% to 24,449, its lowest levels in four months, with almost all its constituents posting losses. Talaat Mostafa slumped 12% and Commercial International Bank lost 4.1%.
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