Miseast Stocks-Gulf markets subdued ahead of U.S. inflation data; SNB lifts Saudi

Miseast Stocks-Gulf markets subdued ahead of U.S. inflation data; SNB lifts Saudi

Most major Gulf stock markets were subdued on Thursday as sentiment across markets remained frail ahead of upcoming inflation data from the United States, although Saudi National Bank boosted Saudi shares.

Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policy decisions because most regional currencies are pegged to the U.S. dollar, exposing them to direct impacts from any Fed monetary tightening.

Oil prices - a key catalyst for the Gulf's financial markets - traded mostly flat on Thursday, With Brent crude was flat at $82.67 per barrel as of 0725 GMT.

The benchmark Qatari index slipped 0.5%, extending losses to straight third session as Qatar National Bank , the Gulf's biggest bank by assets, dropped 2.8% despite reporting on Wednesday a 9% rise in its annual net profit.

Abu Dhabi and Dubai indexes were flat.

Saudi Arabia's benchmark index, however, advanced 0.4%, boosted by a 1% jump in Saudi National Bank after the board proposed to raise capital by 15.22 billion riyals ($4.05 billion) through issuing 1 bonus share for every 3 shares. The bank has also proposed a 0.6 riyals a share cash dividend for the second half.

Among other active stocks, Saudi Telecom Company (STC) jumped 1.2% after