Most stock markets in the Gulf gave up early gains to close lower on Tuesday, as investors booked profits and turned cautious ahead of a U.S. Senate vote on President Donald Trump’s landmark tax and spending bill.
The proposed legislation, which faces internal Republican opposition, is expected to add $3.3 trillion to the nation’s debt pile.
Saudi Arabia’s benchmark index dropped 0.4%, weighed by a 2.3% fall in Saudi Arabian Mining Company.
Among other losers, Savola slipped 2.2% after announcing its CEO had stepped down by mutual agreement as part of a strategic overhaul.
Citing trade sources, Reuters reported that Saudi Arabia, the world’s biggest oil exporter, may raise its August crude prices for Asian buyers to a four-month high, following a surge in spot prices during the Iran-Israel conflict and on strong summer demand.
Dubai’s main share index eased 0.2%, snapping a six-day rally after hitting a 17-year high earlier in the session, hit by a 0.7% fall in blue-chip developer Emaar Properties.
Meanwhile, Trump continued to pressure the U.S. Federal Reserve, sending Chair Jerome Powell a list of global interest rates with handwritten commentary suggesting U.S. rates should fall between Japan’s 0.5% and Denmark’s 1.75%.
Gulf bourses end mixed; Dubai at 17-year high
In Abu Dhabi, the index finished 0.3% lower.
Oil prices were slightly higher as investors assessed expectations that OPEC+ will announce an output hike for August at an upcoming meeting as well as trade negotiations.
The Qatari index closed 0.5% lower, extending losses from the previous session when it ended a six-day winning streak, with all sectors in negative territory.
Qatar’s economy expanded 3.7% in the first quarter, up from 1.5% a year earlier, according to government data issued on Tuesday.
Outside the Gulf, Egypt’s blue-chip index lost 0.5%, with Beltone Financial Holding declining 6.7%.
----------------------------------------- SAUDI ARABIA dropped 0.4% to 11,122 ABU DHABI slipped 0.3% to 9,929 DUBAI eased 0.2% to 5,693 QATAR fell 0.5% to 10,698 EGYPT dropped 0.5% to 32,707 BAHRAIN was flat at 1,944 OMAN added 0.3% to 4,514 KUWAIT declined 0.6% to 9,133-----------------------------------------