Mideast Stocks: Gulf bourses end mixed ahead of U.S. inflation data

Mideast Stocks: Gulf bourses end mixed ahead of U.S. inflation data

Stock markets in the Gulf ended mixed on Wednesday, with the Saudi index snapping a five-day losing streak amid rising oil prices, although investors remained cautious ahead of U.S. inflation data.

The data, expected later this week, is likely to show that price pressures remain elevated in the world's largest economy, keeping the Federal Reserve's aggressive monetary policy on track to continue until next year.

Most Gulf Cooperation Council countries, including Saudi Arabia, United Arab Emirates and Qatar, have their currencies pegged to the dollar and generally follow the Fed's policy moves, exposing the region to a direct impact from monetary tightening there.

Saudi Arabia's benchmark index added 0.3%, ending five sessions of losses, helped by a 1.8% rise in the country's biggest lender Saudi National Bank. The Saudi market was volatile after a series of losses and remained exposed to uncertainty in oil markets, said Fadi Reyad, Chief Market Analyst at CAPEX.com. "The main index could rebound if crude strengthens more consistently."

Oil futures recouped some losses, recovering from a 2% slide in the previous session, supported by supply concerns stemming from last week's OPEC+ cut to its production target, though a stronger dollar weighed on sentiment.

Dubai's main share index finished 0.2% higher,