Gulf bourses end mixed as oil prices slip
By Ateeq Shariff
Nov 25 (Reuters) -Stock markets in the Gulf put in a mixed performance on Monday as oil prices weakened and in the absence of fresh factors to trade on.
Oil prices - a catalyst for the Gulf's financial markets - slipped after rising 6% last week, but supply worries amid mounting tensions between Western powers and major oil producers Russia and Iran kept a floor under prices.
Saudi Arabia's benchmark share index .TASI dropped 0.7%, weighed down by a 1.4% fall in Al Rajhi Bank 1120.SE and a 2.5% fall in ACWA Power Company 2082.SE.
Oil behemoth Saudi Aramco 2222.SE slipped 0.2%.
Dubai's main share index .DFMGI snapped two sessions of losses to rise 1%, led by a 5.7% jump for toll operator Salik Co SALIK.DU.
Markets still expect a Federal Reserve interest rate cut next month, although rate-cut bets have been dialled back in recent weeks.
Monetary policy in the Gulf Cooperation Council (GCC) region often aligns with the Fed's decisions as most of its currencies are pegged to the U.S. dollar.
Share indices in Abu Dhabi .FTFADGI and Qatar .QSI closed flat on the day.
Outside the Gulf, Egypt's blue-chip index .EGX30 fell 0.4%, with Commercial International Bank COMI.CA retreating 0.8%.
SAUDI ARABIA | .TASI lost 0.7% to 11,788 |
ABU DHABI | .FTFADGI was flat at 9,232 |
DUBAI | .DFMGI advanced 1% to 4,768 |
QATAR | .QSI fnished flat at 10,413 |
EGYPT | .EGX30 lost 0.4% to 30,271 |
BAHRAIN | .BAX eased 0.7% to 2,021 |
OMAN | .MSX30 fell 0.9% to 4,519 |
KUWAIT | .BKP dropped 0.6% to 7,771 |
Reporting by Ateeq Shariff in Bengaluru; Editing by Kirsten Donovan
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