By Ateeq Shariff
(Reuters) – 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.
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
(Reporting by Ateeq Shariff in Bengaluru; Editing by Leroy Leo)
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