Most major Gulf markets track Asian shares higher | Reuters

Most major Gulf markets track Asian shares higher | Reuters

Most major stock markets in the Gulf rose in early trade on Wednesday, tracking Asian shares higher in anticipation of stimulus in China and an end to rate hikes in the United States.

U.S. headline consumer prices were flat in October, against expectations of a 0.1% rise, data showed on Tuesday. Core CPI, at 0.2%, also came in below a forecast of 0.3%.

Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the decisions of the U.S. Federal Reserve, as most regional currencies are pegged to the dollar.

Saudi Arabia's benchmark index (.TASI) rose 0.8%, with Elm Co (7203.SE) gaining 2% and Al Rajhi Bank (1120.SE) rising 2.2%.

Saudi Aramco (2222.SE) retreated 1.2%, as the firm traded ex-dividend.

The kingdom's annual inflation rate eased to 1.6% in October, from 1.7% the previous month, government data showed on Wednesday, with residential rents once again the main driver.

The Qatari benchmark (.QSI) advanced 1.3%, with almost all sectors rising including petrochemical maker Industries Qatar (IQCD.QA), which was up 2.1%.

In Abu Dhabi, the index (.FTFADGI) added 0.1%.

Oil prices - often a catalyst for Gulf financial markets - rose as China's factory output and retail sales beat expectations, a day after the International Energy Agency (IEA) raised its oil demand growth forecast for this year.

Dubai's main share index (.DFMGI), however, eased 0.1%, hit by a 2.6% decline in diversified investment group Dubai Investments (DINV.DU).

Separately, Dubai's main airport recorded 22.9 million passengers in the third quarter, the highest quarterly traffic since 2019, operator Dubai Airports said on Wednesday, and is on track to surpass pre-pandemic numbers for the full year.