By Ateeq Shariff
May 10 (Reuters) - Gulf stock markets showed no clear
direction on Wednesday after a mixed set of corporate earnings,
while Egypt's blue-chip index was the stand out with a 1% gain.
Key U.S. consumer price data which showed that prices rose
at a slightly slower-than-expected pace last month, was
published after the Gulf markets closed.
Saudi Arabia's benchmark index eased 0.1%, with
Saudi Electricity Company plunging 6.1%, its biggest
intraday fall in nearly a year, following a steep in quarterly
profit.
The Saudi stock market was seeing some volatility among
mixed company earnings and retreating oil prices, said Daniel
Takieddine, CEO MENA at BDSwiss.
"However, the main index remained near its high for this
year and could extend gains after some price corrections."
Oil prices - a key catalyst for the Gulf's financial markets
- fell, ending a three-day rally, as an unexpected rise in U.S.
oil inventories sparked demand concerns.
Dubai's main share index added 0.1%, helped by a
1.2% rise in Dubai Electricity and Water Authority gaining 1.2%.
On Monday, the utility company reported first-quarter net
profit of 743.8 million dirhams ($202.58 million), up from 734.8
million dirhams year ago.
In Abu Dhabi, the stock index gained 0.4%.
The Qatari benchmark declined 0.2%, weighed down by a
2% slide in the Gulf's biggest lender Qatar National Bank .
The Qatari stock market index continued to see some
resistance near March's peak price as traders looked to take
profits, said Takieddine.
At the same time, natural gas prices remain stagnant to a
certain extent and could provide some support if they return to
the upside, he said.
Outside the Gulf, Egypt's blue-chip index gained
1%, with Abu Qir Fertilizers and Chemical Industries advancing 4.2%.
Egypt's annual urban consumer inflation in April slowed to
30.6% from 32.7% in March, data from the state statistics agency
CAPMAS showed on Wednesday, a bigger drop than analysts had
expected.
Inflation had steadily crept up over the last year after a
series of currency devaluations starting in March 2022, a
prolonged shortage of foreign currency and continuing delays in
getting imports into the country.
SAUDI ARABIA eased 0.1% to 11,293
ABU DHABI rose 0.4% to 9,724
DUBAI added 0.1% to 3,573
QATAR down 0.2% to 10,729
EGYPT gained 1% to 17,495
BAHRAIN was up 0.6% to 1,935
OMAN eased 0.4% to 4,654
KUWAIT added 0.3% to 7,687
($1 = 3.6717 UAE dirham)
(Reporting by Ateeq Shariff in Bengaluru. Editing by Jane
Merriman)
