Mideast Stocks: Most Gulf markets rise ahead of US inflation data

Mideast Stocks: Most Gulf markets rise ahead of US inflation data

Gulf stock markets mostly ended higher on Tuesday ahead of U.S. inflation data that could warrant a quicker end to Federal Reserve rate hikes, and as a rise in oil prices boosted sentiment. Most Gulf Cooperation Council (GCC) countries, including Quatar, 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 advanced 0.7%, led by a 3% increase in Dr Sulaiman Al-Habib Medical Services and an 0.8% increase in Al Rajhi Bank. The Saudi bourse remained supported by strong local fundamentals and could see more gains this week, Farah Mourad, senior market analyst of XTB MENA, said. "In addition, its performance could be reinforced if oil prices continue their recovery." Saudi Arabia's cabinet has reaffirmed the kingdom's desire to boost precautionary efforts by the Organization of the Petroleum Exporting Countries (OPEC) and their allies to stabilise oil markets, it said in a statement on Tuesday. Dubai's main share index gained 0.2%, hitting its highest since late-2015, with budget airliner Air Arabia rising 3.1%. In Abu Dhabi, the index edged