Major Gulf bourses mixed in early trade

Traders look at the screens at Bahrain Bourse in Manama, Bahrain, February 7, 2018. REUTERS/Hamad I Mohammed

Jan 13 (Reuters) – Major stock markets in the Gulf were mixed in early trade on Thursday, in line with Asian shares as global investors assessed that strong U.S. inflation data was not worrying enough to change the Federal Reserve’s already hawkish rates outlook.

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.1% higher, after recording its biggest daily gain in a month on Wednesday.

Saudi Arabia’s benchmark index (.TASI) gained 0.3%, at its highest in over 15 years, led by a 0.7% rise in its biggest lender Saudi National Bank (1180.SE).

The lender sold $750 million in debut “sustainable” sukuk on Wednesday after demand topped $3.2 billion, a bank document showed. read more

Separately, the kingdom is planning to auction up to three mining licences in 2022, including Khnaiguiyah mines where zinc and copper deposits are estimated at around 26 million tonnes, the kingdom’s mining minister said on Wednesday. read more

The Qatari index (.QSI) added 0.4%, supported by a 2.1% gain in Qatar International Islamic Bank and a 0.6% increase in petrochemical maker Industries Qatar (IQCD.QA).

Qatar’s economy grew 2.6% year-on-year in the third quarter of 2021, according to official estimates, driven mainly by the non-hydrocarbon sector. read more

In Abu Dhabi, the index (.ADI) fell 0.3%, hit by a 0.7% fall in the country’s largest lender First Abu Dhabi Bank (FAB.AD).

However, Dana Gas (DANA.AD) rose 1%, extending gains from the previous session, after the energy firm and its partner Crescent Petroleum achieved 50% gas production growth in Kurdistan Region of Iraq over past 3 years.

Dubai’s main share index (.DFMGI) dropped 0.5%, with Emirates NBD Bank (ENBD.DU) losing 1.1%.

Oil prices, a key catalyst for the Gulf’s financial markets, slipped trimming big gains from the previous two sessions, amid uncertainty over near-term demand as cases of the highly contagious Omicron variant of the coronavirus surge around the globe. Reporting by Ateeq Shariff in Bengaluru

This article was originally published by Reuters.

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