Gulf bourses end mixed with focus on Fed

Stock markets in the Gulf ended mixed on Thursday as investors assessed the monetary policy and inflation outlook in the world’s largest economy.

Traders responded to a U.S. inflation print that was in line with expectations by ramping up bets on a Federal Reserve rate cut next month, though there was less certainty on what would happen after that given Donald Trump’s return to office.

The Fed’s decisions have a significant impact on the region’s monetary policy, as most currencies there are pegged to the U.S. dollar.

Saudi Arabia’s benchmark index declined 1.2%, weighed down by a 0.4% fall in aluminium products manufacturer Al Taiseer Group. Saudi Telecom Company (STC) dropped 2.2%.

The kingdom’s sovereign wealth fund PIF has raised 3.86 billion riyals ($1.03 billion) from selling a 2% stake in telecoms firm STC, PIF said on Thursday, as it seeks to raise funds for the Gulf country’s economic diversification programme.

Dubai’s main share index eased 0.1%, hit by a 1% fall in top lender Emirates NBD.

Most Gulf bourses in red as focus shifts to US inflation data

In Abu Dhabi, the index , helped by a 1.5% rise in conglomerate International Holding.

However, Lulu Retail Holdings – Middle East’s biggest hypermarket chain operator – finished flat in market debut.

The Qatari benchmark added 0.3%, with petrochemical maker Industries Qatar rising 1.7%.

Outside the Gulf, Egypt’s blue-chip index edged 0.1% higher, led by a 1.5% gain in tobacco monopoly Eastern Company, a day after report a steep rise in first-quarter profit.

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 SAUDI ARABIA     fell 1.2% to 11,791

 ABU DHABI        rose 0.3% to 9,400

 DUBAI            eased 0.1% to 4,729

 QATAR            gained 0.3% to 10,455

 EGYPT            up 0.1% to 31,462

 BAHRAIN          was up 0.4% to 2,052

 OMAN             down 0.2% to 4,644

 KUWAIT           added 0.1% to 7,831

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