Gulf bourses end mixed ahead of US Fed meet; Egypt rises
By Md Manzer Hussain
June 11 (Reuters) -Stock markets in the Gulf put in a mixed performance on Tuesdayas investors turned cautious ahead of a key U.S. inflation reading and the Federal Reserve's policy decision duethis week.
Markets now await Wednesday's U.S. consumer price index data for May and the Fed's interest ratedecision. The U.S. central bankis expected to hold rates steady and the focus will be on whether policymakers tweak their projections for rate cuts this year.
Most Gulf currencies are pegged to the U.S.dollar, and any monetary policy change in the United Statesis usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Saudi Arabia's benchmark stock index .TASI slipped 0.7%, with Al Rajhi Bank 1120.SE dropping 1.1% and utility firmACWA Power 2082.SE declining 2.7%.
ACWA said it planned to raise 7.125 billion riyals ($1.90 billion) through a rights issue.
National Shipping 4030.SE and oil major Saudi Aramco 2222.SE alsolost 3.3% and 0.5%,respectively.
Saudi crude oil exports to China will fall in July for a third straight month to about 36 million barrels, several trade sources said on Tuesday.
Dubai's benchmark stock index .DFMGI bounced back from itsprevious session of losses and rose 0.9%, supported by gains in real estate, finance and industry sectors. Emirates NBD ENBD.DU, the emirate's largest lender, advanced 1.9% and Emaar Properties EMAR.DU gained 2.1%.
The Qatari benchmark index .QSI rose 0.4%, extending its gain to a ninth session, the longest rally in nearly six months.
Qatar National Bank, the region's largest lender, gained 1.3% and Industries Qatar IQCD.QA added 0.4%.
The Abu Dhabi benchmark index .FTFADGI was up for a third straight session and gained 0.1%, with Purehealth PUREHEALTH.AD climbing 7.5% and Abu Dhabi National Energy TAQA.AD advancing 7.1%, the sharpest intraday rise in nearly a year.
Power and water utility firm TAQAsaid it ended discussions for apotential cooperation agreement with Criteria Caixa as well as possibly acquiringshares in Naturgy from CVC and GIP.
Outside the Gulf, Egypt's blue-chip index .EGX30 was up 0.7%, aided by a 4.3% gain in Talaat Mostafa TMGH.CA and a 5.1% rise in E-Finance for Digital EFIH.CA.
SAUDI ARABIA | .TASI fell 0.7% to 11,775 |
KUWAIT | .BKP was down 0.3% to 7,662 |
QATAR | .QSI added 0.3% to 9,632 |
EGYPT | .EGX30 gained 0.7% to 26,082 |
BAHRAIN | .BAX ended flat at 2,039 |
OMAN | .MSX30 was down 0.3% to 4,696 |
ABU DHABI | .FTFADGI gained 0.1% to 9,000 |
DUBAI | .DFMGI was up 0.9% to 4,009 |
Reporting by Md Manzer Hussain; Editing by Shreya Biswas
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