Most Gulf markets end lower on U.S.-China tensions

An investor monitors a screen showing stock information at the Abu Dhabi Stock Exchange on June 25, 2014.

Aug 3 (Reuters) – Most Gulf stocks ended lower on Wednesday as U.S.-China tensions over House Speaker Nancy Pelosi’s visit to Taiwan and investors profited from recent gains, with Abu Dhabi ending the day Three sessions of gains.

Saudi Arabia Benchmark Index (.one) Down 0.2%, hit by a 2.5% drop in Bupa Arabia for Cooperative Insurance (8210.SE) Saudi Cement Corp fell 1.3% (3030.SE).

Saudi British Bank up 0.7%, capping losses (1060.SE)reported a rise in quarterly profit.

Saudi Arabia’s non-oil private sector maintained a steady pace of growth in July, albeit at a slight slowdown from June, on a rise in the number of customers, purchases and output, a business survey showed on Wednesday. read more

Dubai’s main stock index (.DFMGI) Down 0.3%, blue-chip developer Emaar Properties (Emar. You) Loss of 1.1%, Shariah-compliant lender Dubai Islamic Bank (DISB.DU) fell 0.5%.

In Abu Dhabi, stocks (.FTFADGI) It closed down 0.5%, ending a three-session gain, weighed down by a 1.9% drop in International Holdings Group (IHC.AD).

Qatar Benchmark (.QSI)However, shares rose 0.6% led by Qatar Islamic Bank’s 1.1% gain (QISB.QA).

MENA BDSwiss chief executive Daniel Takieddine said the Qatar index recorded some volatility as traders sought gains amid rising gas prices.

“If natural gas prices remain high, the major indexes are likely to remain positive.”

Oil prices edged higher, erasing earlier losses, as the OPEC+ producer group edged output by 100,000 bpd, dashing U.S. hopes for a major supply increase, a document seen by Reuters showed.

Beyond the Gulf, Egypt’s Blue Chip Index (.EGX30) It rose 1% as most stocks in the index were in positive territory.

Takieddine said Egyptian stocks could rise as local fundamentals gradually improve, while resumption of Ukrainian grain exports could help ease pressure on food prices.

Reporting by Ateeq Shariff in Bengaluru; Editing by Vinay Dwivedi

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