Most Gulf bourses rise, Abu Dhabi at record | Reuters
Major stock markets in the Gulf rose in early trade on Thursday after softer-than-expected U.S. inflation data 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. read more
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) surged 1.4% to the highest in six weeks.
Saudi Arabia's benchmark index (.TASI) gained 0.8%, with Al Rajhi Bank (1120.SE) advancing 2.2%, while Saudi Arabian Mining Co (1211.SE) jumped 5%.
The miner reported quarterly net profit of 4.03 billion riyals ($1.07 billion), up from 1.10 billion riyals a year ago.
Elsewhere, oil giant Saudi Aramco (2222.SE), which is scheduled to report its second-quarter earnings, was up 0.6%.
The Saudi Egyptian Investment Co (SEIC), owned by Saudi Arabia's state-owned Public Investment Fund (PIF), has bought minority stakes in four Egyptian companies for $1.3 billion, Egypt's planning ministry said on Wednesday. read more
In Abu Dhabi, the index (.FTFADGI) edged 0.1% higher, a day after posting a record close, with the United Arab Emirates biggest lender First Abu Dhabi Bank (FAB.AD).
The Qatari index (.QSI) added 0.7%, with Qatar National Bank (QNBK.QA), the Gulf's biggest lender, rising 0.5%.
Dubai's main share index (.DFMGI) eased 0.1%, hit by a 3.5% fall in Air Arabia (AIRA.DU).
The budget airline reported a higher second-quarter net profit, but saw a decrease sequentially in earnings.
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