DUBAI: Gulf stock markets showed no clear direction on Wednesday after a mixed set of corporate earnings, while Egypt’s blue-chip index was the stand out with a 1% gain.
Key US consumer price data which showed that prices rose at a slightly slower-than-expected pace last month, was published after the Gulf markets closed.
Saudi Arabia’s benchmark index eased 0.1%, with Saudi Electricity Company plunging 6.1%, its biggest intraday fall in nearly a year, following a steep in quarterly profit.
The Saudi stock market was seeing some volatility among mixed company earnings and retreating oil prices, said Daniel Takieddine, CEO MENA at BDSwiss.
“However, the main index remained near its high for this year and could extend gains after some price corrections.”
Oil prices - a key catalyst for the Gulf’s financial markets - fell, ending a three-day rally, as an unexpected rise in US oil inventories sparked demand concerns.
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