By Ateeq Shariff
July 2 (Reuters) - Stock markets in the Gulf ended mixed
on Wednesday as investors monitored global trade developments
ahead of the United States' potential re-imposition of sweeping
tariffs on July 9.
President Donald Trump said on Tuesday he was not thinking
of extending the July 9 deadline for countries to negotiate
trade deals with the U.S., and continued to express doubt that
an agreement could be reached with Japan.
Saudi Arabia's benchmark index edged 0.1% higher,
after two consecutive sessions of losses, helped by 1.7% rise in
Saudi Arabian Mining Company.
The cautious mood dominating the region contributed to mixed
sector performances, said
Joseph Dahrieh, managing principal at Tickmill.
"Investors are awaiting further developments to gain more
clarity, while low oil prices continue to pose a risk, despite a
positive economic outlook," he said.
Among gainers, oil giant Saudi Aramco rose 0.8%.
Oil futures edged up as Iran suspended cooperation with the
U.N. nuclear watchdog and markets weighed expectations of more
supply from major producers next month, while the U.S. dollar
softened further.
Dubai's main share index dropped 0.4%, hit by a
1.3% fall in toll operator Salik Company.
Separately, Dubai commuters may soon have a new way to beat
traffic, as Joby Aviation ( JOBY ) successfully completed the first test
flight of its fully-electric air taxi in the emirate this week -
a significant step toward the city's goal of integrating
airborne transport into its mobility network as early as next
year.
In Abu Dhabi, the index eased 0.1%, while the
Qatari index closed flat.
A report on Tuesday suggested that the U.S. labour market
stayed resilient in May, sharpening the focus on U.S. nonfarm
payrolls figures due on Thursday as investors try to gauge when
the Federal Reserve is likely to cut interest rates next.
Fed Chair Jerome Powell on Tuesday reiterated the U.S.
central bank's plans to "wait and learn more" before lowering
rates.
Outside the Gulf, Egypt's blue-chip index added
0.4%, with Talaat Moustafa Holding rising 0.9%.
SAUDI ARABIA rose 0.1% to 11,130
Abu Dhabi fell 0.1% to 9,920
Dubai dropped 0.4% to 5,669
QATAR finished flat at 10,699
EGYPT added 0.4% to 32,820
BAHRAIN was up 0.3% to 1,950
OMAN added 0.3% to 4,525
KUWAIT declined 0.6% to 9,083