Most Gulf shares muted on lower oil prices; Fed symposium in focus

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By Md Manzer Hussain Most stock markets in the Gulf were restrained on Tuesday as oil prices fell and investors awaited signals from the U.S. Federal Reserve’s annual Jackson Hole conference later this week.Crude prices, a catalyst for the Gulf's financial markets, slid 1.1% ahead of possible three-way talks involving Moscow, Kyiv and Washington to end the war in Ukraine, which would likely lead to the lifting of sanctions on Russian crude. The Qatari benchmark index QSE:GNRI fell 0.4%, declining for a third straight session as investors booked profits after an earnings-driven rally. Telecom company Ooredoo QSE:ORDS dropped 2.9% and Commercial Bank QSE:CBQK lost 2%.The Abu Dhabi benchmark index ADX:FADGI fell marginally, extending its longest losing streak since February 2024, as declines in materials, financials and consumer discretionary stocks outweighed gains elsewhere. Abu Dhabi Islamic Bank ADX:ADIB fell 1.6% and E7 Group ADX:E7 slid 1.3%, while Pure Health Holding ADX:PUREHEALTH and Abu Dhabi National Energy ADX:TAQA rose 1.4% and 0.6%, respectively. TAQA’s unit Masdar and partners reached financial close on a roughly $1.1 billion solar project in Saudi Arabia.Saudi Arabia's benchmark stock index TADAWUL:TASI was little changed, with ACWA Power TADAWUL:2082 up 1.3%, while oil major Saudi Aramco TADAWUL:2222 eased 0.3%.Dubai's benchmark stock index DFM:DFMGI was up for a fourth straight session and rose 0.4%, with most sectors higher. Emaar Properties DFM:EMAAR gained 1% and Dubai Electricity and Water Authority DFM:DEWA added 1.1% after the state utility said it began trial operations and electricity export from the Hatta pumped-storage hydropower plant to Dubai.Investors are awaiting the Fed’s symposium in Jackson Hole that starts on Friday; Chair Jerome Powell’s remarks will be parsed for clues on the economic outlook and monetary policy. 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 rose 0.8%, lifted by a 1.4% gain in Commercial International Bank EGX:COMI and a 2.2% rise in Fawry for Banking EGX:FWRY. Arabian Cement EGX:ARCC jumped 4.4% to a record high of 45.73 Egyptian pounds after reporting that second-quarter group profit more than tripled."Market was supported by healthy improvements in macroeconomic conditions...

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