Major Gulf markets rise ahead of Powell's speech

Major stock markets in the Gulf rose in early trade on Thursday, with the Saudi index on course to snap three sessions of losses, ahead of a gathering of global central bankers in Jackson Hole, reports Reuters.
A round of soft manufacturing surveys had revived hopes central banks were done with policy tightening, though that might change depending on Federal Reserve Chair Jerome Powell's speech at the annual summit in Wyoming on Friday.
Oil and gas exporting countries in the Gulf tend to follow the Fed's rate moves, as most regional currencies are pegged to the US dollar. Only the Kuwaiti dinar is pegged to a basket of currencies, which includes the dollar.
Saudi Arabia's benchmark index gained 0.4 per cent, and was on course to snap a three-day losing streak, with Bupa Arabia for Cooperative Insurance Co advancing 3.3 per cent.
Dubai's main share index gained 0.2 per cent, with top lender Emirates NBD gaining 1.2 per cent and a 0.9 per cent increase in sharia-compliant lender Dubai Islamic Bank.
In Abu Dhabi, the index added 0.3 per cent.
Separately, the BRICS group of nations has decided to invite six countries including Iran, Saudi Arabia and the United Arab Emirates to become new members of the bloc, South African President Cyril Ramaphosa said on Thursday.