Stock markets in the Gulf ended mixed on Tuesday as expectations mounted U.S. interest rates will fall, with the Saudi index giving up early gains to close lower.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Federal Reserve's policy because most regional currencies are pegged to the U.S. dollar.
U.S. monthly inflation was unchanged in May as a modest increase in the cost of services was offset by the largest drop in goods prices in six months, drawing the Fed closer to start lowering rates later this year.
Dubai's main share index (.DFMGI), opens new tab gained 0.2%, with toll operator Salik Co (SALIK.DU), opens new tab rising 2% and utility firm Dubai Electricity and Water Authority (DEWAA.DU), opens new tab was up 1.8%.
Saudi Arabia's benchmark index (.TASI), opens new tab declined 0.5%, weighed down by a 2.2% fall in Al Taiseer Group (4143.SE), opens new tab and a 1.2% decrease in the country's biggest lender Saudi National Bank (1180.SE), opens new tab.
OPEC oil output rose in June for a second consecutive month, a Reuters survey found on Tuesday, as higher supply from Nigeria and Iran offset the impact of voluntary supply cuts by other members agreed with the wider OPEC+ alliance.
OPEC oil output rose in June for a second consecutive month, a Reuters survey found on Tuesday, as higher supply from Nigeria and Iran offset the impact of voluntary supply cuts by other members agreed with the wider OPEC+ alliance.
The Qatari index (.QSI), opens new tab closed flat, following a 20-day winning streak.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up 0.1%, helped by a 3.3% jump in Talaat Mostafa Holding (TMGH.CA), opens new tab.
Talaat Moustafa Group is to invest $21 billion in the SouthMED tourism development project on Egypt's Mediterranean coast, its chief executive said on Tuesday.
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