Most Gulf bourses gain in early trade; #Saudi falls | Reuters

Most Gulf bourses gain in early trade; Saudi falls | Reuters

Most stock markets in the Gulf rose in early trade on Thursday as investors digested a report showing U.S. annual consumer prices jumped 9.1% in June, although the Saudi index traded lower, nearing a six-month low.

Dubai's main share index (.DFMGI) advanced 0.9%, buoyed by a 2.2% rise in blue-chip developer Emaar Properties (EMAR.DU) and a 1.1% increase in sharia-compliant lender Dubai Islamic Bank (DISB.DU).

The president of the United Arab Emirates said on Wednesday the Gulf OPEC producer would continue to support global energy security as a main driver of global economic growth, ahead of a U.S.-Arab summit in neighbouring Saudi Arabia this week. read more

Sheikh Mohammed bin Zayed al-Nahyan, in his first televised address since becoming president in May, also said the UAE would extend a "hand of friendship" to all countries that share values of peaceful coexistence and mutual respect.

In Abu Dhabi, the index (.FTFADGI) added 0.3%, supported by a 0.9% rise in the country's biggest lender First Abu Dhabi Bank (FAB.AD).

The Qatari benchmark (.QSI) gained 0.7%, with Qatar Islamic Bank (QISB.QA) rising 2.5%.

Saudi Arabia's benchmark index (.TASI), however, fell 0.5%, nearing a six month low, hit by a 1.3% fall in top lender Saudi National Bank (1180.SE).

Oil prices, a key catalyst for the Gulf's financial markets, fell as investors weighed tight supplies against the prospect of a large U.S. rate hike that could stem inflation and curb crude demand.