Gulf markets end mixed ahead of U.S. inflation data

Gulf markets end mixed ahead of U.S. inflation data

Traders wait at the Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. REUTERS/Hamad I Mohammed

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Aug 9 (Reuters) – Stock markets in the Gulf ended mixed on Tuesday ahead of U.S. inflation data that will likely yield clues to any further aggressive Federal Reserve rate hikes.

Dubai’s main share index (.DFMGI) advanced 1.1%, with blue-chip developer Emaar Properties (EMAR.DU) rising 2.4% and sharia-compliant lender Dubai Islamic Bank (DISB.DU) finishing 1.4% higher.

The Dubai bourse rose strongly after data showed that economic activity is improving, particularly in non-oil sectors, said Daniel Takieddine, CEO Mena BDSwiss.

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“At the same time, good earnings results could support the market in its uptrend.”

According to a media report, the emirate’s road-toll operator Salik to seek about $1 billion in initial public offering.

Salik is one of the 10 government-linked companies that were announced for listing as part of plans to boost stock market activity.

Saudi Arabia’s benchmark index (.TASI) gained 0.3%, driven by a 1.1% rise in Company for Cooperative Insurance (8010.SE) and a 1% increase in Arriyadh Development (4150.SE).

On the other hand, petrochemical maker Saudi Basic Industries Corp (SABIC) (2010.SE) gave up early gains to close flat.

SABIC reported a net profit of 7.93 billion riyals ($2.11 billion) for the three months to June 30, up from 7.64 billion riyals a year earlier, the company said in a bourse statement. read more

In Abu Dhabi, equities (.FTFADGI) added 0.2% in a choppy trade, helped by a 0.9% rise in the country’s biggest lender First Abu Dhabi Bank (FAB.AD).

ADNOC Drilling Company (ADNOCDRILL.AD) climbed 2% after reporting a rise in second-quarter profit.

The Qatari benchmark (.QSI) fell 0.3%, hit by a 1.9% fall in Qatar International Islamic Bank (QIIB.QA).

Outside the Gulf, Egypt’s blue-chip index (.EGX30) dropped 0.8%, weighed down by a 1.3% fall in top lender Commercial International Bank Egypt (COMI.CA).

However, Beltone Financial Holding (BTFH.CA), which is not part of the index, surged 13% after Abu Dhabi investment firm Chimera Investment acquired a controlling stake in the firm.

($1=3.7590 riyals)

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Reporting by Ateeq Shariff in Bengaluru
Editing by Raissa Kasolowsky

Our Standards: The Thomson Reuters Trust Principles.

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