Most major stock markets in the Gulf edged higher in early trading on Monday ahead of the usual flurry of quarterly and full-year corporate results, although regional conflict weighed on sentiment.
Saudi Arabia’s benchmark index gained 0.5%, on course to snap a five-day losing streak, led by a 3% rise in Elm Co and a 1.1% increase in auto rental firm Lumi.
The kingdom’s annual inflation rate eased to 1.5% in December, from 1.7% the previous month, government data showed on Monday, driven by housing rent increases.
Inflation remained relatively low in Saudi Arabia last year compared to global levels, with government policies limiting the impact of international price increases.
Most Gulf bourses end higher ahead of US inflation data
The Qatari index added 0.3%, with sharia-compliant lender Masraf Al Rayan rising 1.8%.
Dubai’s main share index edged 0.1% higher, helped by a 1.2% gain in toll operator Salik.
In Abu Dhabi, the index fell 0.1%, hit by a 0.8% fall in conglomerate International Holding.
Oil prices edged up as traders watched for supply disruption risks in the Middle East following strikes by US and British forces to stop Houthi militia in Yemen from attacking ships in the Red Sea.
On Sunday, the Houthi militia threatened a strong response after the United States carried out another strike overnight.
The US later said it shot down a missile fired at one of its ships from Houthi militant areas of Yemen.
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