Stock markets in the Gulf were mixed on Monday as investors weighed earnings reports while awaiting key U.S. inflation data and the expiry of a U.S. tariff deadline on China.
U.S. consumer prices, scheduled for Tuesday, will offer clues on the Federal Reserve's path for rate cuts. A hotter than expected reading could dampen expectations for near-term interest rate reductions. Traders are currently pricing in about a 90% probability of an easing in September and at least one more cut by year-end.
Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
Saudi Arabia's benchmark stock index (.TASI), opens new tab slipped for a third straight session, ending 1% lower, with most constituents posting losses.
Saudi Advanced Industries Co (2120.SE), opens new tab slumped 9.5% to hit more than two-year low after the investment firm posted a second-quarter net loss, compared to profit a year earlier.
Shares of MBC Group (4072.SE), opens new tab dropped 4.1% to 30.3 riyals per share, their lowest since listing in January. The media giant reported a 38% decrease in quarterly net profit.
Among other losers Al-Dawaa Medical Services Co (4163.SE), opens new tab dropped 6.3% as the healthcare service provider reported a 9.7% year-on-year decline in quarterly net profit.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab fell for a fourth day, dipping 0.1%, with Abu Dhabi Islamic Bank (ADIB.AD), opens new tab dropping 1.9% and Ghitha Holding (GHITHA.AD), opens new tab declining 4.8%.
In contrast, Apex Investment (APEX.AD), opens new tab advanced 4.3% and Dana Gas (DANA.AD), opens new tab rose 1.6%.
Dubai's benchmark stock index (.DFMGI), opens new tab was up 0.1%, aided by gains in consumer discretionary, utilities, communication and industry shares. Tolls operator Salik (SALIK.DU), opens new tab added 1.7% and Amlak Finance (AMLK.DU), opens new tab surged 10.1%.
The Qatari benchmark index (.QSI), opens new tab gained 0.1%, supported by a 0.5% rise in Industries Qatar (IQCD.QA), opens new tab and a 1.5% increase in Qatar Electricity and Water (QEWC.QA), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was down 0.6% after a seven-session winning streak and hitting a fresh record high in the previous session. Abu Qir Fertilizers (ABUK.CA), opens new tab lost 1.1% while Talaat Moustafa Group (TMGH.CA), opens new tab shed 0.6%.
Egypt's largest developer, TMG, posted a 26.6% fall in second-quarter net profit attributable to shareholders, compared to the previous three months.
Egypt's annual urban consumer price inflation dropped to 13.9% in July from 14.9% in June, while core inflation rose to 11.6% year-on-year in July from 11.4% in June, the central bank said late on Sunday.
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