By Md Manzer Hussain
Gulf equities closed mixed on Wednesday, with Dubai and Abu Dhabi stock markets falling, as a raft of corporate earnings weighed, while Qatar hit over two-year high after U.S. inflation data fueled bets for a September interest rate cut.
A mild July CPI report from the U.S. suggested a limited impact of tariffs on prices, reinforcing bets for the Federal Reserve rate cut in September.
Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
The Qatari benchmark index QSE:GNRI jumped 1.9% to 11,635 and hit its highest level since December 2022, with almost all of its constituents posting gains.
Qatar National Bank QSE:QNBK, the region's largest lender, advanced 2.9% and Qatar Islamic Bank QSE:QIBK climbed 3.8%.
"Stocks were buoyed by the positive sentiment globally as investors focused on a softer monetary policy in the U.S.," said Milad Azar, market analyst at XTB MENA.
Saudi Arabia's benchmark stock index TADAWUL:TASI eased 0.1%, dragged down by losses in real estate, consumer staples, health care and energy shares. Al Rajhi Bank TADAWUL:1120 shed 0.9% and Al Nahdi Medical TADAWUL:4164 slid 4.8%.
Atheeb Telecom TADAWUL:7040 advanced 3.7%, after the telecom services provider said on Tuesday it was awarded a project by the Ministry of National Guard.
The Abu Dhabi benchmark index ADX:FADGI fell for a sixth day, ending 0.1% lower. Abu Dhabi Ports ADX:ADPORTS dropped 3.2%, after the port operator's second-quarter profit declined 4% year-on-year, below market expectations.
Alpha Data ADX:ALPHADATA slipped 2.2%, as the technology services firm posted a 4.9% drop in second-quarter net profit.
Dubai's benchmark stock index DFM:DFMGI slipped 0.4%, pressured by losses in real estate, industry, utilities and finance. Tolls operator Salik DFM:SALIK dropped 1.9% and blue-chip developer Emaar Properties DFM:EMAAR lost 1.7%.
Amlak Finance DFM:AMLAK closed as the worst performer on the index, dropping 3.7%, after the real estate financier posted a second-quarter net loss on Tuesday.
Outside the Gulf, Egypt's blue-chip index EGX:EGX30 was down 0.4%, pressured by a 6.2% drop in Qalaa Holdings EGX:CCAP and a 3.1% loss in Madinet Masr EGX:MASR. Developer MASR posted an 11.9% decrease in half-year net profit on Tuesday.
SAUDI ARABIA
TADAWUL:TASI down 0.1% to 10,763
KUWAIT
(.BKP) up 0.7% to 9,346
QATAR
QSE:GNRI rose 1.9% to 11,635
EGYPT
EGX:EGX30 down 0.4% to 35,856
BAHRAIN
BAHRAIN:BHBX added 0.5% to 1,949
OMAN
(.MSX30) up 0.1% to 4,900
ABU DHABI
ADX:FADGI down 0.1% to 10,283
DUBAI
DFM:DFMGI dropped 0.4% to 6,091