Gulf Markets Rise

Most stock markets in the Gulf closed higher on Monday, continuing their gains as investor expectations increased that the Federal Reserve (the U.S. central bank) is close to pausing interest rate hikes in the near term. A low reading of U.S. consumer price inflation was enough to convince investors that the Fed will raise rates for the last time this month. The Saudi index rose by 0.6%, led by Dr. Sulaiman Al Habib Medical Services Group, which increased by 2.1%, and a jump of 5.3% for the First Saudi Bank's shares. The Dubai index rose by 0.2%, marking its fifth consecutive gain, with shares of Emirates Central Cooling Systems Corporation rising by 1.6%. Additionally, the Abu Dhabi index increased by 0.1%. The Qatari index climbed by 0.5%, driven by a 2.4% rise in Qatar Islamic Bank shares following the announcement of its net profits for the first half. Outside the Gulf region, the Egyptian benchmark index closed up by 1%, with Commercial International Bank shares also rising by 1%.