Stock markets in the Gulf ended mixed on Monday ahead of more corporate earnings this week, while investors watched for further signs that the U.S. Federal Reserve might start to cut interest rates as soon as September.
The Fed is due to review policy next on July 30-31. Investors expect it to keep rates unchanged, but they will look for further evidence that a cut will happen at the September meeting.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by the Fed's decisions, as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI), opens new tab eased 0.2%, with aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab losing 2.9% while ACWA Power Company (2082.SE), opens new tab was down 3.3%.
Oil prices - a catalyst for the Gulf's financial markets - dipped after Joe Biden announced he would not seek a second term as U.S. president, and while investors watched for more signs that U.S. interest rates could be cut as early as September.
In Qatar, the index (.QSI), opens new tab finished 0.6% higher, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab rising 1% and Qatar International Islamic Bank (QIIB.QA), opens new tab increasing 2% following a rise in first-half net profit.
Dubai's main share index (.DFMGI), opens new tab eased 0.1%, with MashreqBank (MASB.DU), opens new tab retreating 3.3%.
Separately, budget carrier flydubai's fleet expansion plans have been hit by delays to Boeing's (BA.N), opens new tab aircraft delivery schedule, the Dubai airline said on Monday.
flydubai, which has more than 125 Boeing 737 MAX jets on order to be delivered over the next decade, urged the U.S. manufacturer to "honour and renew its commitment" to meet its delivery obligations.
The Abu Dhabi index (.FTFADGI), opens new tab closed 0.4% higher.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.7%, led by a 2.7% jump in top lender Commercial International Bank (COMI.CA), opens new tab after it posted a sharp rise in second-quarter net profit.
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