Mideast Stocks: Gulf bourses end mixed; Egypt snaps 7-day rally on profit-taking

Mideast Stocks: Gulf bourses end mixed; Egypt snaps 7-day rally on profit-taking

Stock markets in the Gulf ended mixed on Wednesday on rising oil prices, disappointing corporate earnings and ahead of a U.S. Federal Reserve meeting, while the Egyptian index ended seven sessions of gains as investors locked in profits.

The Federal Reserve is expected to raise interest rates by three-quarters of a percentage point for the fourth straight time, but open the door to a future slowdown in its policy tightening as it balances the risk of stubbornly high inflation against the economic strains of tighter credit.

Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually copy any monetary policy change in the United States.

Dubai's main share index gained 0.7%, with blue-chip developer Emaar Properties gaining 2% and Dubai Electricity And Water Authority finished 1.6%.

Shareholders in Dubai's Emirates Central Cooling Systems Corporation have increased the size of the stake being offered in an initial public offering (IPO) to 15% from 10%, citing strong demand for the shares.

Successful IPOs continue to attract investors while traders remain cautious before the U.S. central bank's meeting, said Daniel Takieddine, CEO MENA at BDSwiss. "The market could thus see some volatility in the next trading sessions."

In Abu Dhabi, the