Gulf Markets Rise on Positive US Inflation Data

Most major stock markets in the Gulf region rose on Monday, supported by better-than-expected inflation data from the United States, which boosted expectations for a Federal Reserve interest rate cut in the new year. Prices in the US fell in November for the first time in over three and a half years, resulting in a larger decrease in the annual inflation rate below 3%, according to a report from the Department of Commerce. The main index in Saudi Arabia climbed 1.1%, driven by a 2.6% increase in shares of Al Rajhi Bank and a 1.8% rise in shares of Luminous Car Rental Company. Meanwhile, the main index in Dubai dropped 0.1%, affected by a 0.9% decline in shares of Emaar Properties. The main index in Qatar closed up 0.5%, rising for the seventh session supported by a 1% gain from Qatar Islamic Bank and a 2% increase in shares of Al Rayan Bank.