DUBAI: Most stock markets in the Gulf closed higher on Monday, in line with global shares, as investors looked ahead to US and Chinese economic data.
Investors were looking ahead to US consumer price index data for July on Wednesday, which is expected to show month-on-month inflation ticked up to 0.2% after a minus 0.1% reading in June. Retail sales data is due on Thursday.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed’s decisions, as most regional currencies are pegged to the US dollar.
Dubai’s main share index gained 0.2%, with toll operator Salik Company rising 1.5% and blue-chip developer Emaar Properties increasing 0.6%. Among other gainers, Parkin, which oversees public parking operations, advanced 2.5% after reporting a rise in quarterly profit.
The Qatari benchmark added 0.2%, helped by a 0.9% increase in the Gulf’s biggest lender by assets Qatar National Bank.
Saudi Arabia’s benchmark index eased 0.3%, weighed by a 1.3% slide in aluminium products manufacturer Al Taiseer Group.
The Saudi stock market continued to trade sideways after a rebound. However, the market could remain exposed to the downside if US recession fears return, said Hani Abuagla Senior Market Analyst at XTB MENA.
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