Gulf bourses end mixed with focus on Fed | Reuters

Gulf bourses end mixed with focus on Fed | Reuters

Stock markets in the Gulf ended mixed on Thursday as investors assessed the monetary policy and inflation outlook in the world's largest economy.

Traders responded to a U.S. inflation print that was in line with expectations by ramping up bets on a Federal Reserve rate cut next month, though there was less certainty on what would happen after that given Donald Trump's return to office.

FEDWATCH
The Fed's decisions have a significant impact on the region's monetary policy, as most currencies there are pegged to the U.S. dollar.

Saudi Arabia's benchmark index (.TASI), opens new tab declined 1.2%, weighed down by a 0.4% fall in aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab. Saudi Telecom Company (STC) (7010.SE), opens new tab dropped 2.2%.

The kingdom's sovereign wealth fund PIF has raised 3.86 billion riyals ($1.03 billion) from selling a 2% stake in telecoms firm STC, PIF said on Thursday, as it seeks to raise funds for the Gulf country's economic diversification programme.

Dubai's main share index (.DFMGI), opens new tab eased 0.1%, hit by a 1% fall in top lender Emirates NBD (ENBD.DU), opens new tab.

In Abu Dhabi, the index (.FTFADGI), opens new tab , helped by a 1.5% rise in conglomerate International Holding (IHC.AD), opens new tab.

However, Lulu Retail Holdings (LULU.AD), opens new tab - Middle East's biggest hypermarket chain operator - finished flat in market debut.

The Qatari benchmark (.QSI), opens new tab added 0.3%, with petrochemical maker Industries Qatar (IQCD.QA), opens new tab rising 1.7%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab edged 0.1% higher, led by a 1.5% gain in tobacco monopoly Eastern Company (EAST.CA), opens new tab, a day after report a steep rise in first-quarter profit.