Gulf stock markets ended mixed on Thursday, with higher oil prices lending some support and investors in cautious mood ahead of U.S. Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium on Friday.
Crude prices, a catalyst for the Gulf's financial markets, rose with Brent up 0.3% to $67.07 a barrel by 1250 GMT, buoyed by signs of firm U.S. demand and uncertainty about the prospects of a deal to end the Ukraine war.
The Qatari benchmark index (.QSI), opens new tab pared early losses to close up 0.3%, driven by broad-based gains. Qatar Islamic Bank (QISB.QA), opens new tab added 1.3% and Qatar Gas Transport (QGTS.QA), opens new tab advanced 1.2%. Despite Thursday's gain, the index saw its first weekly decline after an eight-week winning streak.
Dubai's benchmark stock index (.DFMGI), opens new tab edged up 0.1%, supported by a 1.0% gain in toll operator Salik (SALIK.DU), opens new tab and a 3.1% rise in Dubai Financial Market (DFM.DU), opens new tab. Blue-chip developer Emaar Properties (EMAR.DU), opens new tab fell 0.7%, while Gulf Navigation (GNAV.DU), opens new tab lost 1.4%.
"The market continues to consolidate near current levels after a prolonged period of gains. A correction is possible if the market cannot find sufficient support to break through the key resistance level around 6,200 points," said Hani Abuagla, senior market analyst at XTB MENA.
Saudi Arabia's benchmark stock index (.TASI), opens new tab slipped 0.1%, weighed by declines across most sectors. Saudi Awwal Bank (1060.SE), opens new tab fell 3.7%, and Saudi Aramco (2222.SE), opens new tab lost 0.7%.
Meanwhile, Saudi crude exports in June fell to a three-month low, data from the Joint Organisations Data Initiative showed on Wednesday.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab was marginally lower, with First Abu Dhabi Bank (FAB.AD), opens new tab down 0.5% and Lulu Retail (LULU.AD), opens new tab off 1.6%, while Abu Dhabi National Energy Company (TAQA) (TAQA.AD), opens new tab gained 0.9%. The state-owned firm said it had secured an 8.5-billion-dirham ($2.3-billion) term loan to bolster liquidity and support growth.
Investors across the region are focused on the Fed's annual research conference in Jackson Hole, running Thursday to Saturday, awaiting Powell's speech on Friday for clues on a potential rate cut as soon as next month.
Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell for a second session, ending down 0.3% as most constituents declined. Commercial International Bank (COMI.CA), opens new tab slipped 0.5% and Arabian Cement (ARCC.CA), opens new tab dropped 2.5%.
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