Stock markets in the Gulf were mixed in early trading on Tuesday, as investors awaited a key US inflation reading and the Federal Reserve’s policy decision this week.
Dubai’s benchmark stock index bounced back from the previous session of losses and rose 1%, with most sectors in the positive territory.
Emirates NBD advanced 1.9% and Emaar Properties gained 1.1%.
Among other gainers, Takaful Emarat climbed 4.6% after the loss-making insurer announced on Monday a series of strategic measures to enhance its financial position, ensuring long-term business stability.
Gulf markets end mixed; Egypt snaps losing streak
Saudi Arabia’s benchmark stock index was up 0.2%, with most of its constituents posting gains.
Saudi National Bank, the kingdom’s largest lender, added 0.7% and Saudi Chemical Holding climbed 7.8%.
However, ACWA Power slipped 3%. The utility firm, ACWA said it planned to raise 7.125 billion riyals ($1.90 billion) through a rights issue.
The Qatari benchmark index was up 0.2%, helped by a 0.6% rise in Qatar National Bank, the region’s largest lender, and a 1.5% gain in Qatar’s Ooredo.
The Abu Dhabi benchmark index fell marginally with Abu Dhabi Commercial Bank sliding 1%, while Abu Dhabi National Energy rose 1.1%.
The power and water utility firm, TAQA, said it ended discussions on a potential cooperation agreement with Criteria Caixa and a possible acquisition of shares in Naturgy from CVC and GIP.
Investors are now waiting for the US consumer price index data for May and the Fed’s policy decision on Wednesday.
The Fed is expected to hold rates steady and the focus will be on whether policymakers tweak their projections for rate cuts this year.
Most Gulf currencies are pegged to the dollar, and any US monetary policy change is usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
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