Major Gulf bourses end mixed; Egypt extends gain | Reuters

Major Gulf bourses end mixed; Egypt extends gain | Reuters

Major stock markets in the Gulf were mixed on Wednesday amid higher oil prices, with Dubai shares rising after two days in the red, and the Saudi index retreating, while investors braced for a key U.S. inflation reading later this week.

Oil prices, the main driver of the Gulf's financial markets, edged up 0.4%, with Brent trading at $85.37 per barrel by 1300 GMT.

Dubai's benchmark stock index (.DFMGI), opens new tab bounced back after two straight sessions of losses, with most sectors in the green. The blue-chip developer Emaar Properties (EMAR.DU), opens new tab advanced 2.2% and tolls operator Salik Company (SALIK.DU), opens new tab gained 2.1%.

Meanwhile, the United Arab Emirates has sold bonds worth $1.5 billion at a yield of 60 basis points over U.S. Treasuries after demand exceeded $5.75 billion, an arranging bank document showed on Tuesday.

The Qatari benchmark index (.QSI), opens new tab advanced 0.6%, extending its gains to a 17th session, the longest rally in nearly 18 years.

Qatar National Bank (QNBK.QA), opens new tab gained 0.5% and Industries Qatar (IQCD.QA), opens new tab climbed 2%. However, Mesaieed Petrochemical (MPHC.QA), opens new tab and Qatar Fuel (QFLS.QA), opens new tab slipped 1.9% and 1% respectively.

Mesaieed and Qatar Fuel's major shareholder. energy giant QatarEnergy, on Tuesday reported a 32% drop in full-year net profit.

Saudi Arabia's benchmark stock index (.TASI), opens new tab retreated after a previous session of gains, falling 0.6%. Al Rajhi Bank (1120.SE), opens new tab dropped 1.1% and ACWA Power (2082.SE), opens new tab declined 3.3%.

However, Rasan Information Technology (8313.SE), opens new tab, Miahona (2084.SE), opens new tab and Dr Soliman Abdel Kader Fakeeh Hospital (4017.SE), opens new tab, which were all listed in early- to mid-June, advanced 5.9%, 8.9% and 2.3% respectively.

The Abu Dhabi benchmark index (.FTFADGI), opens new tab was down 0.4%, pressured by a 0.4% drop in conglomerate International Holding Co (IHC.AD), opens new tab and a 1.5% decline in Alpha Dhabi (ALPHADHABI.AD), opens new tab. However, MENA's largest producer of nitrogen fertilizers, Fertiglobe (FERTIGLB.AD), opens new tab, advanced 1.2%.

Mitsui & Co (8031.T), opens new tab has begun building an ammonia plant in the UAE with partners including Fertiglobe, TA'ZIZ, and South Korea's GS Energy, it said on Tuesday.

Investors are awaiting the U.S. personal consumption expenditures (PCE) price index, due on Friday, which could provide further clues on the Federal Reserve's rate cut trajectory.

Most Gulf currencies are pegged to the dollar and any change to U.S. monetary policy is usually followed by the central banks of Saudi Arabia, the UAE and Qatar.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up for a second consecutive session and rose 0.9%. Commercial International Bank (COMI.CA), opens new tab gained 1.6% and EFG Holding (HRHO.CA), opens new tab added 2%.