Mideast Stocks: Gulf Bourses End Mixed in Cautious Trade Ahead of Fed’s Symposium

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 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 Ukraine war.

The Qatari benchmark index pared early losses to close up 0.3%, driven by broad-based gains. Qatar Islamic Bank added 1.3% and Qatar Gas Transport 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 edged up 0.1%, supported by a 1.0% gain in toll operator Salik and a 3.1% rise in Dubai Financial Market.

 Blue-chip developer Emaar Properties fell 0.7%, while Gulf Navigation 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 slipped 0.1%, weighed by declines across most sectors. Saudi Awwal Bank fell 3.7%, and Saudi Aramco 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 was marginally lower, with First Abu Dhabi Bank down 0.5% and Lulu Retail off 1.6%, while Abu Dhabi National Energy Company (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 fell for a second session, ending down 0.3% as most constituents declined. Commercial International Bank slipped 0.5% and Arabian Cement dropped 2.5%.

SAUDI ARABIA down 0.3% to 10,867

KUWAIT lost 0.2% to 9,282

QATAR up 0.3% to 11,343

EGYPT fell 0.3% to 35,622

BAHRAIN lost 0.1% to 1,931

OMAN rose 0.5% to 4,961

ABU DHABI ended flat at 10,200

DUBAI added 0.1% to 6,123