Mideast Stocks: Most Gulf markets gain on U.S. data; Fed decision in focus

Mideast Stocks: Most Gulf markets gain on U.S. data; Fed decision in focus

Most stock markets in the Gulf ended higher on Wednesday as investors assessed the prospects of a pivot in policy tightening by major central banks in early 2023 especially after the latest U.S. data showed a slowdown in inflation.

The U.S. consumer price index increased 0.1% last month, 0.2 percentage points slower than economists expected. In the 12 months through November, headline CPI climbed 7.1% - its slowest pace in about a year. All eyes are now on the U.S. Federal Reserve's policy decision due later in the day.

While a 50-basis-point hike to a range of 4.25% to 4.5% is almost fully priced in, investors will be looking for clues on the future pace of hikes as well as commentary on the economy.

Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States.

Saudi Arabia's benchmark index added 0.3%, extending gains from the previous session from when it rebounded from a 20-month low, led by a 4.9% jump in shares of Dr Sulaiman Al-Habib Medical Services.

In Abu Dhabi, the index edged 0.1% higher, snapping a seven-day losing streak, with the country's biggest lender First Abu Dhabi