Most Gulf exchanges rise, Abu Dhabi hits record

Traders wait at the Bahrain Exchange after Joe Biden won the U.S. presidency in Manama, Bahrain, November 8, 2020.REUTERS/Hamad Mohamed Mohamed

Aug 11 (Reuters) – Major Gulf stocks rose in early trade on Thursday after weaker-than-expected U.S. inflation data prompted bets that the Federal Reserve would not aggressively raise interest rates.

US consumer prices were unchanged in July compared to June, when they rose 1.3% per month. The weaker-than-expected July result due to a sharp drop in gasoline costs has led the market to reposition itself on hopes of peaking inflation. read more

MSCI’s broadest index of Asia-Pacific stocks outside Japan (.MIAPJ0000PUS) It surged 1.4% to its highest in six weeks.

Saudi Arabia Benchmark Index (.one) Up 0.8%, Al Rajhi Bank (1120.SE) rose 2.2 percent, while Saudi Arabian Mining Corp. (1211.SE) jumped 5%.

The miner reported quarterly net profit of 4.03 billion riyals ($1.07 billion), up from 1.1 billion riyals a year ago.

Elsewhere, oil giant Saudi Aramco (2222.SE)Shares of the company scheduled to report second-quarter earnings rose 0.6%.

The Saudi Egyptian Investment Company (SEIC), part of Saudi Arabia’s state-owned Public Investment Fund (PIF), has acquired minority stakes in four Egyptian companies for $1.3 billion, Egypt’s planning ministry said on Wednesday. read more

In Abu Dhabi, the index (.FTFADGI) It edged up 0.1% a day after setting a record close with First Bank Abu Dhabi, the UAE’s largest bank (FAB.AD).

Qatar Index (.QSI) Up 0.7%, Qatar National Bank (QNBK.QA)The largest bank in the Gulf, rose 0.5%.

Dubai’s main stock index (.DFMGI) Down 0.1%, hit by a 3.5% drop in Air Arabia (AIRA.DU).

The budget airline reported higher net profit in the second quarter, but earnings fell sequentially.

(1 USD = 3.7585 rials)

Reporting by Ateeq Shariff in Bengaluru; Editing by Kim Coghill

Our standard: Thomson Reuters fiduciary principles.