Mideast Stocks: Most Gulf bourses in black, Abu Dhabi at record high

Mideast Stocks: Most Gulf bourses in black, Abu Dhabi at record high

Most stock markets in the Gulf ended higher on Thursday, cheered by strong corporate earnings and softer-than-expected U.S. inflation data which 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.

Abu Dhabi's main share index closed at a record high, gaining 1% to 10,198, boosted by a 3.3% leap in the United Arab Emirates' biggest lender First Abu Dhabi Bank.

Saudi Arabia's benchmark index climbed 0.8%, with Arab National Bank rising 0.9% and Saudi British Bank finished 0.5% higher. Elsewhere, Saudi Electricity Co gained 0.6%, as the utility firm obtained a $3 billion international syndicated facility.

The Qatari index advanced 1.3%, as most of the stocks on the index were in positive territory including the Gulf's biggest lender Qatar National Bank, which was up 1.7%. The Qatari stock market recorded a positive performance thanks to solid company earnings and higher natural gas prices, said Fadi Reyad, market analyst at CAPEX.com MENA. "The main index could thus extend its gains