Gulf equities were mixed in early trade on Wednesday as investors priced in a U.S. rate cut later in the day and turned cautious ahead of Federal Reserve Chair Jerome Powell's speech that could throw light on the central bank's future rate path.

Traders expect a 25-basis-point cut, but Powell's speech is expected to reveal the Fed's stance, which carries heavy clout in the Gulf where most currencies are pegged to the U.S. dollar, anchoring regional monetary policy.

Saudi Arabia's benchmark stock index inched up 0.3%, supported by sector-wide strength, with Saudi Aramco rising 0.3%.

Saudi Arabian Mining ascended 0.4%, on track to post seven consecutive sessions of wins, a trend last seen a year ago, while petrochemical operator Sipchem rose 0.1% following the appointment of a chief executive officer.

Dubai's main share index fell 0.5% hit by broad-based sectoral losses. Real estate led the decline with blue-chip co Emaar Properties sliding 1.4%.

Shares of Dubai Investments slipped 0.3% after the firm announced plans to sell up to 25% stake in its Dubai Investments Park (DIP) real estate business through an initial public offering (IPO).

Mashreqbank, however, jumped nearly 2% as the lender launched a full-service digital retail bank in Pakistan

In Abu Dhabi, the benchmark index edged down 0.1%, on course to snap four straight sessions of gains. Abu Dhabi Commercial Bank declined nearly 2% as investors locked in profits from recent strength.

Qatar's stock index inched up 0.5%, with buying concentrated in financials and utilities monopoly, Qatar Electricity and Water, which gained nearly 1%.

Shares of Qatar National Bank, the region's largest lender, climbed 0.6%.

(Reporting by Amna Mariyam in Bengaluru; Editing by Harikrishnan Nair)