https://arab.news/cmxtb
- 海角直播鈥檚 benchmark index dropped 0.5%
- Dubai鈥檚 benchmark index jumped 1%
DUBAI: Most Gulf markets ended lower on Wednesday as investors weighed US trade policy developments and signs that tariffs may be fueling inflation, while awaiting cues on the Federal Reserve鈥檚 interest rate policy.
US consumer prices rose at the fastest pace in five months in June, raising concerns that tariffs were beginning to pressure inflation.
On Tuesday, President Donald Trump said letters notifying smaller countries of their tariff rates would be sent soon.
海角直播鈥檚 benchmark index dropped 0.5 percent, hit by a 0.4 percent fall in Al Rajhi Bank. Oil giant Saudi Aramco fell 0.7 percent. About 217.4 million shares changed hands, compared with an average of 314.3 million shares over the previous 10 sessions.
Oil prices 鈥� a catalyst for the Gulf鈥檚 financial markets 鈥� fell by about 1 percent, as signs of stronger Chinese crude consumption were outweighed by investor caution about the wider economic impact from US tariffs.
Dubai鈥檚 benchmark index jumped 1 percent to 5,974 dirhams, having crossed the mark for the first time in nearly 17.5 years. Financial stocks led gains with a 3.7 percent jump in Emirates NBD after concluding 3.9 billion dirhams in syndicated loans for Dubai Metro鈥檚 Blue Line Project.
Abu Dhabi index added 0.3 percent, helped by a 2.6 percent increase in top lender First Abu Dhabi Bank. Strong bank earnings lifted sentiment across both Abu Dhabi and Dubai financials.
Qatar鈥檚 stock index inched 0.1 percent lower. In the US, data on Tuesday showed consumer prices rose 0.3 percent in June, in line with forecasts, but the largest gain since January.
Trump, however, reiterated his call for lower interest rates from the Fed, saying that consumer prices remain low. Monetary policy in the Gulf tends to mirror the Fed鈥檚 moves, given the region鈥檚 currency pegs to the US dollar.
Outside the Gulf, Egypt鈥檚 blue-chip index, which is trading at a near all-time high, dropped 1 percent, weighed by a 5.3 percent slide in tobacco monopoly Eastern Company.
Egypt鈥檚 progress on structural reforms under an $8 billion International Monetary Fund loan agreement has been mixed, the fund said, citing the public sector鈥檚 continued dominance of the economy as a problem.