Major stock markets mixed as trade begins

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Traders wait at the Bahrain Stock Exchange after Joe Biden won the U.S. presidency, in Manama, Bahrain November 8, 2020. REUTERS/Hamad I Mohammed

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Aug 9 (Reuters) – Gulf stock markets were mixed in early trading on Tuesday, ahead of U.S. inflation data due the next day, which will likely provide clues to any further aggressive rate hikes from the Reserve. federal.

Saudi Arabia’s benchmark index (.TASI) edged up 0.1%, helped by a 1.4% rise in Saudi Basic Industries Corp (SABIC) (2010.SE) after the maker of Petrochemicals reported a 4% increase in second-quarter earnings.

SABIC reported net profit of 7.93 billion riyals ($2.1 billion) in the three months to June 30, up from 7.64 billion a year ago. Read more

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Dubai’s main stock index (.DFMGI) gained 0.5%, with blue-chip developer Emaar Properties (EMAR.DU) rising 1.5% and logistics company Aramex jumping 4%.

The UAE government’s net operating surplus more than doubled in the first quarter to 36.4 billion dirhams ($9.9 billion) as soaring oil prices boosted government revenue, according to data from the Ministry of Finance on Monday.

High oil prices and increased production have been a boon to the UAE economy this year, along with a continued decline in the impact of the pandemic.

In Abu Dhabi, shares (.FTFADGI) fell 0.2%, with conglomerate International Holding Co (IHC) (IHC.AD) falling 0.3% in choppy trading, on track to take three sessions of gains .

IHC reported quarterly profit of 6.81 billion dirhams ($1.9 billion), up from 2.87 billion a year ago.

The Qatari index (.QSI) was flat as gains in financial stocks were offset by losses elsewhere.

Oil prices, a key catalyst for Gulf financial markets, fell as traders watched the latest progress in final talks to revive the 2015 nuclear deal with Iran, which would pave the way for an increase in its crude exports in a tight market.

($1 = 3.7580 riyals)

($1 = 3.6726 UAE dirhams)

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Reporting by Ateeq Shariff in Bangalore; Editing by David Holmes

Our standards: The Thomson Reuters Trust Principles.

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