By Shamsuddin Mohd
March 7 (Reuters) - Gulf stock markets ended mixed on Tuesday, as
investors awaited a speech from Federal Reserve Chair Jerome Powell that could
offer clues on the U.S. central bank's rate-hike path, while a selloff dented
Egypt.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually
guided by Fed policy decisions because most regional currencies are pegged to
the U.S. dollar, exposing them to direct impacts from any Fed monetary
tightening.
Crude oil prices, a major driver for Gulf economies, edged lower on Tuesday
as data shows crude shipments into China fell in January and February, fuelling
demand concerns in the world's largest importer.
Brent crude futures LCOc1 fell 41 cents, or 0.48%, to $85.77 a barrel by
1250 GMT.
The Federal Reserve might steal the spotlight as stock markets in GCC are
exposed to rate hike concerns and volatility in energy prices, said Fadi Reyad,
chief market analyst at CAPEX.com MENA.
Saudi Arabia's benchmark index edged up 0.2%, on course to extend
gains for a sixth session, boosted by a 1.3% hike in index heavyweight and oil
giant Saudi Aramco .
The Export-Import Bank of Korea signed a framework deal worth $6 billion
with Saudi Aramco on Tuesday.
Aramco is due to report its annual earnings on Sunday.
The Qatari benchmark index rose 0.3%, extending gains to a fifth
consecutive session, helped by its banking stocks.
The Gulf's biggest bank by assets, Qatar National Bank- QNB , and
heavyweight Commercial Bank rose 1.8% and 0.7%, respectively.
Abu Dhabi's share index fell 0.5%, dragged down by a 0.5% decline
in conglomerate International Holding Co (IHC) .
IHC and Abu Dhabi state holding firm ADQ announced on Monday that they
intend to create a multi-asset class investment manager.
Dubai's main share index dropped 0.8%, dragged down by its real
estate and financial stocks.
Blue-chip developer Emaar Properties tumbled 3.3%, its biggest
intraday decline in more than five months, while road tolls operator Salik was down 2.8%
Outside the Gulf, Egypt's blue-chip index closed 2.2% lower,
extending its losing streak to the fourth consecutive session.
The index was dragged down by a 2.3% loss in Commercial International Bank
Egypt and a 3.4% dive in country's lone cigarette maker Eastern
Company .
As international investors continued to sell, the Egyptian stock market
could extend losses, added Fadi.
SAUDI ARABIA edged up 0.2% to 10,473
ABU DHABI down 0.5% to 9,948
DUBAI slid 0.8% to 3,429
QATAR gained 0.3% to 10,723
EGYPT fell 2.2% to 16,433
BAHRAIN eased 0.1% to 1,911
OMAN was up 0.2% 4,843
KUWAIT increased 0.3% to 8,191
$1 = 3.7534 riyals)
(Reporting by Shamsuddin Mohd in Bengaluru; Editing by Shailesh Kuber)
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