Most major stock markets in the Gulf rose in early trade on Wednesday, tracking Asian shares higher in anticipation of stimulus in China and an end to rate hikes in the United States, reports Reuters.
US headline consumer prices were flat in October, against expectations of a 0.1 per cent rise, data showed on Tuesday. Core CPI, at 0.2 per cent, also came in below a forecast of 0.3 per cent.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the decisions of the US Federal Reserve, as most regional currencies are pegged to the dollar.
Saudi Arabia's benchmark index rose 0.8 per cent, with Elm Co gaining 2 per cent and Al Rajhi Bank rising 2.2 per cent.
Saudi Aramco retreated 1.2 per cent, as the firm traded ex-dividend.
The kingdom's annual inflation rate eased to 1.6 per cent in October, from 1.7 per cent the previous month, government data showed on Wednesday, with residential rents once again the main driver.
The Qatari benchmark advanced 1.3 per cent, with almost all sectors rising including petrochemical maker Industries Qatar, which was up 2.1 per cent.
In Abu Dhabi, the index added 0.1 per cent.
Oil prices - often a catalyst for Gulf financial markets - rose as China's factory output and retail sales beat expectations, a day after the International Energy Agency (IEA) raised its oil demand growth forecast for this year.
Dubai's main share index, however, eased 0.1 per cent, hit by a 2.6 per cent decline in diversified investment group Dubai Investments.
Separately, Dubai's main airport recorded 22.9 million passengers in the third quarter, the highest quarterly traffic since 2019, operator Dubai Airports said on Wednesday, and is on track to surpass pre-pandemic numbers for the full year.
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