Gulf bourses end mixed in cautious trade ahead of Fed's symposium

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By Md Manzer Hussain Gulf stock markets ended mixed on Thursday, with higher oil prices lending some support and investors in cautious mood ahead of U.S. Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium on Friday.Crude prices, a catalyst for the Gulf's financial markets, rose with Brent ICEEUR:BRN1! up 0.3% to $67.07 a barrel by 1250 GMT, buoyed by signs of firm U.S. demand and uncertainty about the prospects of a deal to end the .The Qatari benchmark index QSE:GNRI pared early losses to close up 0.3%, driven by broad-based gains. Qatar Islamic Bank QSE:QIBK added 1.3% and Qatar Gas Transport QSE:QGTS advanced 1.2%. Despite Thursday's gain, the index saw its first weekly decline after an eight-week winning streak.Dubai's benchmark stock index DFM:DFMGI edged up 0.1%, supported by a 1.0% gain in toll operator Salik DFM:SALIK and a 3.1% rise in Dubai Financial Market DFM:DFM. Blue-chip developer Emaar Properties DFM:EMAAR fell 0.7%, while Gulf Navigation DFM:GULFNAV lost 1.4%. "The market continues to consolidate near current levels after a prolonged period of gains. A correction is possible if the market cannot find sufficient support to break through the key resistance level around 6,200 points," said Hani Abuagla, senior market analyst at XTB MENA.Saudi Arabia's benchmark stock index TADAWUL:TASI slipped 0.1%, weighed by declines across most sectors. Saudi Awwal Bank TADAWUL:1060 fell 3.7%, and Saudi Aramco TADAWUL:2222 lost 0.7%. Meanwhile, Saudi crude exports in June fell to a three-month low, data from the Joint Organisations Data Initiative showed on Wednesday.The Abu Dhabi benchmark index ADX:FADGI was marginally lower, with First Abu Dhabi Bank ADX:FAB down 0.5% and Lulu Retail ADX:LULU off 1.6%, while Abu Dhabi National Energy Company (TAQA) ADX:TAQA gained 0.9%. The state-owned firm said it had secured an 8.5-billion-dirham ($2.3-billion) term loan to bolster liquidity and support growth.Investors across the region are focused on the Fed's annual research conference in Jackson Hole, running Thursday to Saturday, awaiting Powell's speech on Friday for clues on a potential rate cut as soon as next month. Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.Outside the Gulf, Egypt's blue-chip index EGX:EGX30 fell for a second session, ending down 0.3% a...

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