U.S. consumer price data, which showed prices rising at a slightly slower pace than expected last month, was released after Gulf markets closed.
Oil prices fell, a major catalyst for Gulf financial markets, ending a three-day winning streak, as an unexpected rise in U.S. oil inventories sparked demand concerns .
stock movements
The Saudi index fell 0.1%, hurt by losses at the Saudi Electricity Company, which plunged 6.1%, posting the biggest daily loss in nearly a year, after the company announced a significant drop in its quarterly profits.
Daniel Taqi El-Din, CEO of the Middle East and North Africa region at BD Suisse, said the Saudi stock market is seeing swings amid divergent corporate earnings and lower oil prices.
“However, the main index remains close to its highest levels this year and could consolidate its gains after some price corrections,” he noted.
The index rose 0.1% in the Dubai Financial Market, supported by the 1.2% rise in the Dubai Electricity and Water Authority.
And the utility company announced on Monday that first-quarter net profits rose to 743.8 million dirhams ($202.58 million), from 734.8 million dirhams a year ago.
In the Abu Dhabi Financial Market, the index rose 0.4%.
Outside the Gulf region, Egypt’s index of major stocks rose 1%, supported by a 4.2% rise in Abu Qir Fertilizers and Chemical Industries.
Data from Egypt’s Central Agency for Public Mobilization and Statistics showed on Wednesday that annual consumer price inflation in Egyptian cities slowed in April to 30.6% from 32.7% in March, a drop above analysts’ expectations.
Inflation has risen steadily over the past year after a series of currency devaluations that began in March 2022, along with a long-standing shortage of foreign exchange and a late release of imported goods.
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