PHOTO
A trader uses his mobile as he monitors screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh June 15, 2015.Faisal Al Nasser
Stock markets in the Gulf ended mixed on Thursday as investors assessed the monetary policy and inflation outlook in the world's largest economy.
Traders responded to a U.S. inflation print that was in line with expectations by ramping up bets on a Federal Reserve rate cut next month, though there was less certainty on what would happen after that given Donald Trump's return to office. FEDWATCH
The Fed's decisions have a significant impact on the region's monetary policy, as most currencies there are pegged to the U.S. dollar.
Saudi Arabia's benchmark index <.TASI> declined 1.2%, weighed down by a 0.4% fall in aluminium products manufacturer Al Taiseer Group <4143.SE>. Saudi Telecom Company (STC) <7010.SE> dropped 2.2%.
The kingdom's sovereign wealth fund PIF has raised 3.86 billion riyals ($1.03 billion) from selling a 2% stake in telecoms firm STC, PIF said on Thursday, as it seeks to raise funds for the Gulf country's economic diversification programme.
Dubai's main share index <.DFMGI> eased 0.1%, hit by a 1% fall in top lender Emirates NBD <ENBD.DU>.
In Abu Dhabi, the index <.FTFADGI> , helped by a 1.5% rise in conglomerate International Holding <IHC.AD>.
However, Lulu Retail Holdings <LULU.AD> - Middle East's biggest hypermarket chain operator - finished flat in market debut.
The Qatari benchmark <.QSI> added 0.3%, with petrochemical maker Industries Qatar <IQCD.QA> rising 1.7%.
Outside the Gulf, Egypt's blue-chip index <.EGX30> edged 0.1% higher, led by a 1.5% gain in tobacco monopoly Eastern Company <EAST.CA>, a day after report a steep rise in first-quarter profit.
SAUDI ARABIA | <.TASI> fell 1.2% to 11,791 |
ABU DHABI | <.FTFADGI> rose 0.3% to 9,400 |
DUBAI | <.DFMGI> eased 0.1% to 4,729 |
QATAR | <.QSI> gained 0.3% to 10,455 |
EGYPT | <.EGX30> up 0.1% to 31,462 |
BAHRAIN | <.BAX> was up 0.4% to 2,052 |
OMAN | <.MSX30> down 0.2% to 4,644 |
KUWAIT | <.BKP> added 0.1% to 7,831 |
($1 = 3.7551 riyals)
(Reporting by Ateeq Shariff in Bengaluru)