The performance of major Gulf stock markets was mixed in early trading on Thursday ahead of the release of U.S. inflation data, which may influence the monetary policy direction of the Federal Reserve. The market is awaiting the consumer price index data for July, set to be released today, which could provide clues about the Fed's future monetary policy.
The Saudi index rose by 0.7%, continuing its gains from the previous session, supported by a 1.1% increase in the shares of the oil giant Aramco. Shares in Al-Raed Food Company increased by more than 5%, making it the most profitable stock in the index after it reported quarterly earnings.
The Qatari index climbed by 0.2%, buoyed by a 1% increase in the shares of Industries Qatar for petrochemicals. Oil, which underpins the Gulf economy, regained its slight early losses, rising to its highest levels in several months as the market reacted to concerns about supply shortages and fuel demand ahead of the U.S. inflation data.
The Dubai index fell by 0.7%, impacted by a 1.7% decline in Emaar Properties shares after the company reported nearly a 15% drop in net profits for the second quarter. Additionally, Aramex shares decreased by 2.7% following a decline in its second-quarter profits. The Abu Dhabi index also dropped by 0.3%.
