Gulf stock markets end mixed; Egypt gains

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 TASI eased 0.1%, with Saudi Electricity Company 5110 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 DFMGI added 0.1%, helped by a 1.2% rise in Dubai Electricity and Water Authority DEWA 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 FADGI gained 0.4%.

The Qatari benchmark GNRI declined 0.2%, weighed down by a 2% slide in the Gulf's biggest lender Qatar National Bank QNBK.

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 EGX30 gained 1%, with Abu Qir Fertilizers and Chemical Industries ABUK 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.

($1 = 3.6717 UAE dirham)