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Most Gulf markets rise ahead of U.S. inflation data; Abu Dhabi falls


July 12 (Reuters) – Most major stock markets in the Gulf region rose in early trade on Wednesday, with U.S. inflation data likely to provide clues to the Federal Reserve’s future path of interest rate hikes.

Most Gulf Cooperation Council (GCC) countries, including Qatar, Saudi Arabia and the United Arab Emirates, have their currencies pegged to the dollar and keep a close eye on the Fed’s policy moves, exposing the region to the immediate impact of monetary tightening in the world’s largest economy. economy.

Saudi Arabia Benchmark Index (.one) Riyad Bank rose 0.7 percent (1010.SE) up 2.4 percent with the National Bank of Saudi Arabia (1180.SE) An increase of 2.2%.

Separately, the Kingdom also signed the Treaty of Amity and Cooperation with the Association of Southeast Asian Nations (ASEAN), the Saudi state news agency reported on Wednesday.

Dubai main stock index (.DFMGI) Shares rose 0.2 percent to their highest level since late 2015, driven by blue-chip developer Emaar Properties, which rose 0.7 percent (Emma. You).

Dubai residential property prices for the year to June 30 Rose Real estate consultancy CBRE said Tuesday that the increase was the fastest in nearly a decade, rising 16.9 percent, while average rents rose 22.8 percent.

Apartments averaged AED 1,294 (US$352.31) per square foot and villas averaged AED 1,525 per square foot.

In Qatar, the index (.QSI) Shares in petrochemical maker Qatar Industries rose 1.3%, pushing shares up 0.1%. (IQCD.QA).

Abu Dhabi Index (.FTFADGI)However, shares bucked the trend and fell 0.1%.

Oil Prices – Driving Gulf Economy – barely moved It came as the market weighed a possible build in U.S. crude stockpiles, economic worries, plans by the world’s largest oil exporter to cut supply and hopes for higher global demand.

Reporting by Ateeq Shariff in Bengaluru; Editing by Krishna Chandra Elluri

Our standards: Thomson Reuters Trust Principles.


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