Stock markets in the Gulf ended mixed on Monday ahead of the usual flurry of quarterly and full-year corporate results, with the Saudi index snapping a five-session losing streak.
Saudi Arabia’s benchmark index gained 0.5%, with Elm Co gaining 1.6% and Al Rajhi Bank climbing 1.9%.
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.
However, oil giant Saudi Aramco slipped 1.4%.
Gulf bourses end higher ahead of US inflation data
Oil prices - which fuel the Gulf’s economy - dipped as the Middle East conflict’s limited impact on crude output prompted profit taking after oil benchmarks gained 2% last week.
Several tanker owners steered clear of the Red Sea and multiple tankers changed course on Friday after U.S. and Britain launched strikes against Houthi targets in Yemen after the Iran-backed group’s attacks on shipping in response to Israel’s war against Hamas in Gaza.
Dubai’s main share index eased 0.1%, hit by a 1% fall blue-chip developer Emaar Properties and a 0.9% decrease in sharia-compliant lender Dubai Islamic Bank.
In Abu Dhabi, the index fell 0.1%.
On Sunday the Houthi militia threatened a “strong and effective response” after the United States carried out another strike overnight. The U.S. later said it shot down a missile fired at one of its ships from Yemen.
The Qatari benchmark gained 0.2%, with Islamic bank Masraf Al Rayan advancing 2.3%.
Outside the Gulf, Egypt’s blue-chip index rose 1.1%, led by a 1.9% gain in Commercial International Bank.
======================================== SAUDI ARABIA rose 0.5% to 12,122 ABU DHABI fell 0.1% to 9,778 DUBAI eased 0.1% to 4,101 QATAR gained 0.2% to 10,534 EGYPT up 1.1% to 26,251 BAHRAIN added 0.1% to 1,986 OMAN lost 0.4% to 4,613 KUWAIT added 0.8% to 7,987 ========================================
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