DUBAI: Dubai and Qatar indexes edged up on Wednesday, in tandem with global markets, as investors digested a mixed inflation picture, while Saudi Arabia eased after rallying for seven sessions.
Global shares were little changed, while supply concerns amid Russia’s ongoing invasion of Ukraine helped push oil prices higher.
Data on Wednesday showed no let-up for Britain after inflation hit a 30-year high of 7%, although this came a day after a lower-than-expected US print had given some traders cause to hope policy would be tightened more slowly.
Saudi Arabia’s benchmark index fell 0.7% as financial stocks dragged. The index had risen more than 4% over the past seven sessions.
“The increases have prompted investors to move to secure their gains. However, the market remains on a strong course and could record new increases in the coming days,” said Daniel Takieddine, chief executive officer at MENA BDSwiss.
Alaseel and Arab Bank fell 1.6% and 0.3%, respectively, after the stocks began trading ex-dividend.
Dubai’s main share index closed up 0.3%, with shares of Dewa Electricity and Water Authority falling 2.1% on their second day on the stock exchange.
The stock’s stellar debut valued it at 149 billion dirhams ($40.57 billion) on Tuesday and is expected to heat up Dubai’s IPO pipeline.
The Abu Dhabi index was flat.
The Qatari index rose 0.5% and has risen in seven of the past eight sessions.
Outside the Gulf, Egypt’s blue-chip index fell 0.5%, with index heavyweight Commercial International Egypt Bank weighing on sentiment with its 1.1% drop.
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