Gulf equities put in a mixed performance on Monday as higher oil prices lent some support, but investors stayed cautious ahead of U.S. Federal Reserve's policy meeting later this week.
Crude prices, a catalyst for the Gulf's financial markets, rose, with Brent up 0.3% to $67.15 a barrel by 1250 GMT, underpinned by disruption risks from Ukrainian attacks on Russian energy facilities.
Dubai's benchmark stock index edged 0.2% higher, extending its gain to a third consecutive session, supported by a 6.9% rise in Gulf Navigation and a 2.4% advance in the emirate's largest lender, Emirates NBD.
The Abu Dhabi benchmark index was up for a third straight day, climbing 0.2%. Abu Dhabi Commercial Bank rose 4% and Abu Dhabi Islamic Bank added 2.3%, while Aldar Properties lost 1.1%. Blue-chip developer Aldar said it has sold Al Deem townhomes, generating over 1.8 billion dirhams ($490.09 million).
Saudi Arabia's benchmark stock index was down for a fourth day, falling 0.1% to 10,427, its lowest level in nearly two years. Etihad Etisalat dropped 2% and Al Rajhi Bank slipped 2.1%. World's largest Islamic lender, Al Rajhi, declared an interim cash dividend of SAR 0.75 per share, 40% lower from a year earlier.
Fawaz Abdulaziz Al Hokair & Co soared 10%, its biggest intraday percentage gain in over two months. The retailer said on Sunday it has signed a 1.60 billion riyals ($426.53 million)banking facility agreement with Emirates NBD Bank – Kingdom of Saudi Arabia to prepay debts.
The Qatari benchmark index eased 0.3% after two straight session of gains. Industries Qatar slipped 1.7% and telecom firm Ooredoo dropped 1.1%.
Markets expect a quarter-point cut from the Fed, which would take its key funds rate to 4.0%-4.25%. Investors will also parse Fed members' "dot plot" projections for rates and guidance from Chair Jerome Powell. 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 rose for a fourth consecutive session, and was up 0.2%. Commercial International Bank advanced 1.5% and Arabian Cement gained 3.4%.
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