MIDEAST STOCKS-Major Gulf bourses gain as banks lift Saudi index - Reuters:
Major stock markets in the Gulf rose in early trade on Monday, with the Saudi index bolstered by gains in its banking shares.
Saudi Arabia’s benchmark index rose 0.5%, with Al Rajhi Bank gaining 1.4% and Riyad Bank up 2.1%.
The kingdom’s consumer price index jumped 6.1% in July compared with a year earlier, boosted by a tripling of value-added tax, official data showed on Sunday.
The annual inflation rate in June was 0.5%, the smallest increase since January, before the VAT increase to 15% from 5% came into effect on July 1.
Dubai’s main share index edged up 0.2%, supported by a 2% rise in Emirates NBD Bank, on course for its fifth session of gains.
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