Middle East shares mixed

15/07/2014 02:57 AST

Middle East shares ended mixed, but markets are still seen in a consolidation phase after drops last month and many remain off for the month-long Ramadan holiday.

Saudi stocks slipped, weighed by disappointing quarterly results from two units of Saudi Basic Industries.

Qatar's benchmark inched up in anticipation of strong results from Qatar Islamic Bank. After the markets closed there, Qatar Islamic Bank reported a 15 percent jump in Q2 net profit to 389.6 million riyals ($107 million).

Dubai's main index added 0.7 percent to 4,611 points, Abu Dhabi gained 1.5 percent to 4,914 points, Qatar rose 0.8 percent to 12,990 points, Saudi Arabia dipped 0.05 percent to 9,808.04 points, Kuwait slipped 0.3 percent to 7,159 points, Egypt jumped 1.3 percent to 8,509 points, Bahrain eased 0.1 percent 1,462 points and Oman inched up 0.02 percent to 7,192 points.

Elsewhere, in New York, the dollar edged higher and global equity markets rose on Monday, lifted by Citigroup's earnings and as investors put aside concerns about euro zone banks and took heart in a fresh round of merger and acquisition activity.

MSCI's all-country world equity index rose 0.63 percent, while the FTSEurofirst 300 index of top European shares closed up 0.84 percent at 1,363.49.

The Dow Jones industrial average rose 132.71 points, or 0.78 percent, at 17,076.52. The Standard & Poor's 500 Index was up 11.19 points, or 0.57 percent, at 1,978.76. The Nasdaq Composite Index was up 29.75 points, or 0.67 percent, at 4,445.24. The dollar was up 0.2 percent against the yen at 101.58, while the euro rose 0.04 percent to $1.3613. – SG/Agencies

The dollar index was 0.04 percent lower at 80.156.

US Treasuries prices slipped on expectations Yellen could take a less-accommodative stance on interest rates in her congressional testimony on Tuesday.

Benchmark 10-year U.S. Treasury notes were last down 8/32 in price to yield 2.5486 percent.

Brent crude oil steadied around $107 a barrel, close to its lowest in three months after weeks of sharp falls on signs of improving supply from key producers and weak demand in some consuming centers.

Brent crude slipped 2 cents to $106.64. US crude futures fell 6 cents to $100.77 a barrel.

Saudi Gazette