Gulf shares mixed on corporate earnings, US inflation

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By Md Manzer Hussain Stock markets in the Gulf were mixed on Monday as investors weighed earnings reports while awaiting key U.S. inflation data and the expiry of a U.S. tariff deadline on China.U.S. consumer prices, scheduled for Tuesday, will offer clues on the Federal Reserve's path for rate cuts. A hotter than expected reading could dampen expectations for near-term interest rate reductions. Traders are currently pricing in about a 90% probability of an easing in September and at least one more cut by year-end.Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.Saudi Arabia's benchmark stock index TADAWUL:TASI slipped for a third straight session, ending 1% lower, with most constituents posting losses. Saudi Advanced Industries Co TADAWUL:2120 slumped 9.5% to hit more than two-year low after the investment firm posted a second-quarter net loss, compared to profit a year earlier.Shares of MBC Group TADAWUL:4072 dropped 4.1% to 30.3 riyals per share, their lowest since listing in January. The media giant reported a 38% decrease in quarterly net profit.Among other losers Al-Dawaa Medical Services Co TADAWUL:4163 dropped 6.3% as the healthcare service provider reported a 9.7% year-on-year decline in quarterly net profit.The Abu Dhabi benchmark index ADX:FADGI fell for a fourth day, dipping 0.1%, with Abu Dhabi Islamic Bank ADX:ADIB dropping 1.9% and Ghitha Holding ADX:GHITHA declining 4.8%.In contrast, Apex Investment ADX:APEX advanced 4.3% and Dana Gas ADX:DANA rose 1.6%. Dubai's benchmark stock index DFM:DFMGI was up 0.1%, aided by gains in consumer discretionary, utilities, communication and industry shares. Tolls operator Salik DFM:SALIK added 1.7% and Amlak Finance DFM:AMLAK surged 10.1%.The Qatari benchmark index QSE:GNRI gained 0.1%, supported by a 0.5% rise in Industries Qatar QSE:IQCD and a 1.5% increase in Qatar Electricity and Water QSE:QEWS.Outside the Gulf, Egypt's blue-chip index EGX:EGX30 was down 0.6% after a seven-session winning streak and hitting a fresh record high in the previous session. Abu Qir Fertilizers EGX:ABUK lost 1.1% while Talaat Moustafa Group EGX:TMGH shed 0.6%.Egypt's largest developer, TMG, posted a 26.6% fall in second-quarter net profit attributable to shareholders, compared to the previous three months.Egypt's annual urban consumer price inflatio...

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