Major stock markets in the Gulf rose in early trade on Thursday after softer-than-expected U.S. inflation data encouraged bets of less aggressive rate hikes from the Federal Reserve.
U.S. consumer prices were unchanged in July compared with June, when they rose a monthly 1.3%. The July result was lower than expectations due to a sharp drop in the cost of petrol, causing markets to reposition on hopes that inflation was peaking.
MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) surged 1.4% to the highest in six weeks.
The miner reported quarterly net profit of 4.03 billion riyals ($1.07 billion), up from 1.10 billion riyals a year ago.