Mideast Stocks: Most Gulf markets in black ahead of US inflation data; Egypt eases

Mideast Stocks: Most Gulf markets in black ahead of US inflation data; Egypt eases

Most stock markets in the Gulf ended higher on Wednesday, as traders awaited a crucial U.S. inflation reading to determine whether the Federal reserve is at the end of its rate hike cycle. Most Gulf Cooperation Council (GCC) countries, including Qatar, Saudi Arabia and the United Arab Emirates, have their currencies pegged to the U.S. dollar and follow the Fed's policy moves closely, exposing the region to a direct impact from monetary tightening in the world's largest economy. Saudi Arabia's benchmark index rose 0.5%, extending gains from the previous session, led by a 5.2% jump in Banque Saudi Fransi. The kingdom has signed a Treaty of Amity and Cooperation with the Association of Southeast Asian Nations (ASEAN), Saudi state news agency reported on Wednesday. The Saudi bourse extended gains thanks to strong local fundamentals. The recent rebound in oil prices could also contribute to improving traders' expectations, said Daniel Takieddine, CEO MENA at BDSwiss. "At the same, the market could continue to see some downside risks with the possibility of price corrections if traders move to secure their gains." In Abu Dhabi, the index added 0.3%. The Qatari benchmark index gained 0.4%, as most of its constituents were in the