Stock markets in the Gulf ended mixed on Wednesday as there was little progress in U.S.-China trade talks, dashing hopes it would ease long-standing tensions between the world's largest economies.
Top officials of both countries said on Tuesday they agreed on a framework to get their trade truce back on track and remove China's export restrictions on rare earths, while offering little sign of a durable resolution.
Saudi Arabia's benchmark index (.TASI), opens new tab - which traded after a four-session eid break - gave up early gains to finish flat.
Meanwhile, the kingdom's crude oil supply to China is set to dip slightly in July, Reuters reported on Tuesday, citing trade sources, but still strong for a third straight month as the OPEC kingpin regains its market share supplying the world's top crude importer.
Dubai's main share index (.DFMGI), opens new tab eased 0.1%, hovering around 17-year high, with top lender Emirates NBD (ENBD.DU), opens new tab losing 2%.
The Dubai stock market remained relatively flat, suggesting potential uncertainty as the market hovers near 17-year highs, which may prompt some investors to engage in profit-taking, said Joseph Dahrieh, Managing Principal at Tickmill.
In Abu Dhabi, the index (.FTFADGI), opens new tab inched 0.1% higher, with ADNOC Gas (ADNOCGAS.AD), opens new tab gaining 1.2%.
ADNOC Gas said on Tuesday it had taken a final investment decision on the first phase of its Rich Gas Development (RGD) Project, awarding $5 billion in contracts to expand and improve efficiency at the project.
The Qatari index (.QSI), opens new tab added 0.2%, with Qatar Gas Transport (QGTS.QA), opens new tab increasing 2.8%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up 0.1%, helped by a 2% rise in Commercial International Bank (COMI.CA), opens new tab.
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