Most stock markets in the Gulf ended higher on Sunday, led by the Saudi index, after a U.S. inflation reading supported expectations of interest rate cuts from the Federal Reserve.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 1.1% after it hit a more than five-month low on Thursday. The index was lifted by gains in almost all sectors, led by the IT, utilities and healthcare stocks.
ACWA Power (2082.SE), opens new tab advanced 4.4% and Saudi National Bank(1180.SE), opens new tab, the kingdom's largest lender, added 1.8%. Saudi Aramco (2222.SE), opens new tab, however, slipped 1.9% to 28.45 riyals per share, its lowest level in more than one year.
Meanwhile, Saudi Arabia is offering investors about 1.545 billion Aramco shares, at 26.7 to 29 riyals. The sale drew more demand than the stock on offer within hours of kicking off on Sunday.
The Qatari benchmark index (.QSI), opens new tab was up for a second straight session, and rose 0.7%, aided by gains in energy, finance and real estate sectors. Qatar Fuel Co (QFLS.QA), opens new tab advanced 7.7%, and Qatar Gas Transport (QGTS.QA), opens new tab climbed 4.8%.
The data showed Friday U.S. inflation rose in line with market expectations in April, spurring hopes of interest rates cuts by the Fed.
Most Gulf currencies are pegged to the dollar, so U.S. monetary policy change is usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab slipped for a fifth consecutive session to end 0.2% lower, with most sectors in the red.
Eastern Company (EAST.CA), opens new tab declined 5.8% and Talaat Mostafa Group(TMGH.CA), opens new tab dropped 2.1%. Juhayna Food(JUFO.CA), opens new tab, however, rose 2.5% after the foods maker posted a 41% increase in its first-quarter net profit.
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