Gulf bourses mixed in early trade

Stock markets in the Gulf put in a mixed performance in early trade on Tuesday, as investors assessed the likely path of interest rates from the US Federal Reserve ahead of key inflation data due later in the week.

Saudi Arabia’s benchmark stock index advanced 0.2%, supported by gains in most sectors, with Saudi Awwal Bank rising 1.5% and Mouwasat Medical up 6%.

Among other gainers, Seera Group climbed 4.3%, the sharpest intraday rise in more than two months.

The hospitality and travel services provider Seera posted a full-year net profit of 265 million riyals ($70.66 million) compared with a loss of 46 million riyals a year earlier, recording strong booking volumes and revenues.

In Abu Dhabi, the benchmark stock index was up 0.1%, with Abu Dhabi National Energy Co gaining 1.5% and the UAE’s largest lender First Abu Dhabi Bank adding 0.7%.

Dubai’s benchmark stock index edged up 0.1%, aided by gains in industry, finance, consumer discretionary and real estate sectors, with tolls operator Salik Company climbing 1.1% and Dubai Islamic Bank adding 0.5%.

The Qatari benchmark index eased 0.2%, weighed down by losses in most sectors, with Masraf Al Rayan dropping 4.7% and Qatar Navigation sliding 1.1%.

However, Qatar National Bank, the region’s largest lender, gained 0.8%.

The crucial February reading of the Personal Consumption Expenditures (PCE) price index, the Fed’s preferred inflation gauge, is due on Friday.

A hot reading for the PCE index could dent market optimism around early rate cuts.

Most Gulf currencies are pegged to the dollar, and any US monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.