By Ateeq Shariff
April 13 (Reuters) - Stock markets in the Gulf were
mostly mixed on Thursday on possible recession in the United
States, the world's largest economy, although the Egyptian
bourse surged to its highest since mid-February.
The U.S. Consumer Price Index (CPI) climbed 0.1% last month,
below economists' expectations for a 0.2% gain, and down from a
0.4% increase in February, raising expectations the Federal
Reserve is likely to stop hiking rates after a possible increase
in May.
Fed staff assessing the potential fallout of banking stress
projected a "mild recession" later this year.
Dubai's main share index closed 0.3% lower, after
touching its peak for the year, dragged down by a 2.3% slide in
top lender Emirates NBD Bank .
The Dubai market saw some downward pressures as traders
moved to secure their gains, in particular after the Fed's
minutes' mention of the potential for a recession in the U.S.
weighed on traders' sentiment, said Fadi Reyad, Chief Market
Analyst at CAPEX.com.
Outside the Gulf, Egypt's blue-chip index jumped
5.6%, boosted by a 14.5% surge in Commercial International Bank .
World Bank President David Malpass on Thursday said the bank
stands ready to provide support to Egypt, but important to see
improvements in business climate.
Saudi Arabia's benchmark index reversed early losses
to finish 0.3% higher, with Retal Urban Development Co gaining 0.9%.
Oil prices - a key catalyst for the Gulf's financial markets
- were stable as the market weighed the prospect of tight supply
against possible recession in the United States.
In Qatar, the index slipped 1.3%, with most of the
constituents in negative territory.
SAUDI ARABIA rose 0.3% to 10,965
ABU DHABI up 0.1% to 9,558
DUBAI down 0.3% to 3,487
QATAR lost 1.3% to 10,090
EGYPT leapt 5.6% to 17,671
BAHRAIN was flat at 1,882
OMAN rose 0.9% to 4,811
KUWAIT dropped 0.1% to 7,758
(Reporting by Ateeq Shariff in Bengaluru)
