Mideast Stocks: Gulf bourses mixed amid economic uncertainty; Egypt extends gains

Mideast Stocks: Gulf bourses mixed amid economic uncertainty; Egypt extends gains

Gulf stock markets closed mixed on Tuesday, with Qatar's bourse declining the most amid caution ahead of a U.S. Federal Reserve policy meeting. Financial markets expect the Fed will need to lift its benchmark rate above 5% and keep it there to squeeze too-high inflation out of an economy where the labor market remains strong even after nearly a year of the most aggressive round of Fed rate hikes in 40 years.

Investors were awaiting a speech by Fed Chair Jerome Powell at the Economic Club of Washington later on Tuesday.

Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.

The Qatari stock market was in the red as natural gas prices maintained their strong downward trend. However, the market could find some support from strong earnings in the financial sector, said Farah Mourad, Senior Market Analyst of XTB MENA.

Saudi Arabia's benchmark index fell for a seventh session, slipping 0.8%, weighed down by pressure on heavyweight financial and healthcare sector stocks.

In Abu Dhabi, the benchmark index was marginally higher, helped by a 2% jump in real estate developer Aldar Properties after the firm launched Manarat Living, a boutique