Stock markets in the Gulf ended mixed on Wednesday, buoyed by Ukraine’s readiness to support a proposal for a 30-day ceasefire with Russia, but investor optimism was tempered by concerns over the economic fallout of U.S. tariffs.
Saudi Arabia’s benchmark index eased 0.1%, hit by a 3.3% fall in ACWA Power Co and a 2.5% decrease in Saudi Arabian Mining Company.
Elsewhere, oil giant Saudi Aramco was down 0.4%. Fitch Ratings expects Saudi Arabia’s deficit to widen as Aramco’s dividend normalizes.
Dubai’s main share index gained 0.7%, with blue-chip developer Emaar Properties rising 2.3% and sharia-compliant lender Dubai Islamic Bank increasing 3.1%.
In Abu Dhabi, the index finished 0.4% higher.
Investors are waiting for U.S. Consumer Price Index data at 1230 GMT to gauge the Federal Reserve’s next move on interest rates.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by the Fed’s decisions, as most regional currencies are pegged to the dollar.
Most Gulf markets in red on US slowdown worries
The Qatari index dropped 0.4%, hit by a 5.1% slide in telecom firm Ooredoo, as the stock traded ex-dividend.
Outside the Gulf, Egypt’s blue-chip index closed 0.4% higher, with GB Auto advancing 8.8%.
The International Monetary Fund approved the disbursement of $1.2 billion to Egypt following completion of the fourth review of the country’s $8 billion economic reform programme, after allowing Egypt to waive a primary budget surplus target.
---------------------------------------- SAUDI ARABIA fell 0.1% to 11,705 Abu Dhabi rose 0.4% to 9,416 Dubai gained 0.7% to 5,157 QATAR dropped 0.4% to 10,438 EGYPT was up 0.4% to 31,049 BAHRAIN added 0.2% to 1,967 OMAN lost 0.9% to 4,364 KUWAIT was up 0.1% to 8,536----------------------------------------