Stock markets in the Gulf were mixed on Wednesday amid steady oil prices, while soft U.S. labor market data reaffirmed expectations of an interest rate cut by the Federal Reserve in September.
Oil prices, a catalyst for the Gulf's financial markets, edged up 0.7% after hitting near four-month lows in the previous session, with Brent trading at $78.07 a barrel at 1300 GMT.
The Qatari benchmark stock index (.QSI), opens new tab rose 0.3%, gaining for a fifth straight session, supported by a 1.9% increase in Industries Qatar (IQCD.QA), opens new tab and a 0.7% rise in Qatar Gas Transport (QGTS.QA), opens new tab.
Meanwhile, energy giant QatarEnergy signed a deal to supply Taiwan's state-owned oil firm CPC with liquefied natural gas (LNG) for 27 years.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab was up 0.3%, with Aldar Properties (ALDAR.AD), opens new tab rising 2% and conglomerate International Holding Co (IHC) (IHC.AD), opens new tab up 1.5% to 414.50 dirham per share, its highest level since listing in October 2005. IHC is part of a business empire including climate fund Alterra, overseen by its chair Sheikh Tahnoon bin Zayed al-Nahyan.
Alterra will mobilise an additional $200 billion in investments over the next six years, COP28 President Sultan Al Jaber said on Tuesday.
Saudi Arabia's benchmark index (.TASI), opens new tab slipped 0.5%, with most of its constituents posting losses. ACWA Power (2082.SE), opens new tab dropped 2.7% and Middle East Pharmaceutical (4016.SE), opens new tab slid 2.1%.
However, shares of Dr Soliman Abdel Kader Fakeeh Hospital (4017.SE), opens new tab jumped 10.1% to 63.30 riyals from its IPO price of 57.5 riyals per share in its market debut.
Dubai's benchmark index (.DFMGI), opens new tab eased 0.1%, dragged down by losses in industry, utilities and communications stocks. Tolls operator Salik Company (SALIK.DU), opens new tab slipped 3.3% and Gulf Navigation Holding (GNAV.DU), opens new tab slid 1.6%.
Data showed U.S. job openings fell to their lowest level in more than three years in April, signaling an easing in labor market tightness that supports a Fed rate cut this year.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab retreated 1.3%, with all sectors in the red. Abu Qir Fertilizers (ABUK.CA), opens new tab slid 4.9% and Sidi Kerir Petrochemicals (SKPC.CA), opens new tab declined 4.8%.
Several Egyptian fertilizer factories, including Abu Qir and Sidi Kerir, shut down temporarily over pressures on the national gas grid.
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