Mideast Stocks: Most Gulf bourses rise, Abu Dhabi at record
- Date: 11-Aug-2022
- Source: Zawya
- Sector:Financial Markets
- Country:Saudi Arabia
Mideast Stocks: Most Gulf bourses rise, Abu Dhabi at record
Major stock markets in the Gulf rose in early trade on Thursday after softer-than-expected U.S. inflation data encouraged bets of less aggressive rate hikes from the Federal Reserve.
U.S. consumer prices were unchanged in July compared with June, when they rose a monthly 1.3%. The July result was lower than expectations due to a sharp drop in the cost of petrol, causing markets to reposition on hopes that inflation was peaking.
MSCI's broadest index of Asia-Pacific shares outside Japan surged 1.4% to the highest in six weeks.
Saudi Arabia's benchmark index gained 0.8%, with Al Rajhi Bank advancing 2.2%, while Saudi Arabian Mining Co jumped 5%.
The miner reported quarterly net profit of 4.03 billion riyals ($1.07 billion), up from 1.10 billion riyals a year ago.
Elsewhere, oil giant Saudi Aramco, which is scheduled to report its second-quarter earnings, was up 0.6%.
The Saudi Egyptian Investment Co (SEIC), owned by Saudi Arabia's state-owned Public Investment Fund (PIF), has bought minority stakes in four Egyptian companies for $1.3 billion, Egypt's planning ministry said on Wednesday.
In Abu Dhabi, the index edged 0.1% higher, a day after posting a record close, with the United Arab Emirates biggest lender First Abu Dhabi Bank.
The Qatari index added 0.7%, with Qatar National