DUBAI: Stock markets in the Gulf ended mixed on Tuesday, as investors awaited US Federal Reserve Chair Jerome Powell’s appearance before the Senate Banking Committee, hoping for cues on the timing of expected policy tightening.
In Abu Dhabi, the index dropped 0.3%, extending losses for a sixth session, with Emirates Telecommunications Group losing 1.8%.
Dubai’s main share index retreated 0.7%, hit by a 0.8% fall in Emirates NBD Bank and a 2% decline in Dubai Investments.
The Dubai stocks were down as risk appetite fell before the Fed’s address, said Eman AlAyyaf, CEO of EA Trading’.
“Overall, the main index remains on a positive trend as investors take all recent government initiatives into account.”
The Central Bank of the United Arab Emirates said it expects the UAE economy to grow 4.2% in 2022, accelerating from last year’s 2.1% growth.
Saudi Arabia’s benchmark index advanced 1.5%, buoyed by a 2.9% jump in Al Rajhi Bank.
Saudi Arabian renewable energy utility ACWA Power International jumped more than 6%, reaching its highest since its market debut in October, after it obtained commercial operation certificate to begin the first phase of Dubai-based Noor Energy 1 project.
Oil prices gained after two days of losses, with Brent crude futures up 0.8% at $81.66 a barrel following a 1% drop in the previous session.
Outside the Gulf, Egypt’s blue-chip index eased 0.2%, with tobacco monopoly Eastern Company dropping 1.2%.
Egypt’s central bank said on Monday it had approved a set of rules under which it would be able to provide emergency liquidity to local lenders.
SAUDI ARABIA rose 1.5% to 11,844
ABU DHABI fell 0.3% to 8,333
DUBAI down 0.7% to 3,208
QATAR was flat at 12,052
EGYPT lost 0.2% to 12,002
BAHRAIN was up 0.3% to 1,795
OMAN rose 0.1% to 4,225
KUWAIT added 1% to 7,871.
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