Most Gulf markets extend gains; Egypt flat
Most stock markets in the Gulf ended higher on Sunday, extending gains from the previous session when slowing US inflation raised bets that the Federal Reserve will pause rate hikes after this month.
Most Gulf Cooperation Council countries, including Qatar, Saudi Arabia and the UAE, have their currencies pegged to the US dollar and generally follow the Fed’s policy moves, exposing the region to a direct impact from any US monetary policy move.
Saudi Arabia’s benchmark index gained 0.1%, helped by a 3.1% rise in Riyad Bank.
Most Gulf markets gain as US inflation cools, Saudi index eases
The kingdom’s annual inflation rate eased to 2.7% in June from 2.8% the previous month, government data showed on Sunday.
Prices for housing, water, electricity, gas and other fuels rose by 9.1% overall in June compared with the same month last year, while restaurant and hotel prices were up by 4.3% and education by 3%, the kingdom’s General Authority for Statistics data said.
In Qatar, the index added 0.1%, with Qatar Gas Transport Co rising 1%.
Among other gainers, Qatar Islamic Bank edged 0.1% higher, after reporting an increase in first half net profit. Outside the Gulf, Egypt’s blue-chip index closed flat.
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