Saudi bourse gains on US inflation data; Egypt falls
By Ateeq Shariff
July 28 (Reuters) -Saudi Arabia's stock market ended higher on Sunday, snapping a four-session losing streak, after U.S. economic data showed an improving inflation landscape, although the Egyptian bourse eased following a hike in domestic prices.
U.S. prices rose moderately in June, underscoring an improving inflation environment that potentially positions the Federal Reserve to begin cutting interest rates in September.
The Fed has maintained its benchmark overnight interest rate in the current 5.25%-5.50% range since last July. It has hiked its policy rate by 525 basis points since 2022.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index .TASI advanced 1.2%, with aluminium products manufacturer Al Taiseer Group 4143.SE rising 3.5%, and Al Rajhi Bank 1120.SE increasing 2.8%.
In Qatar, the index .QSI added 0.4%, with petrochemical maker Industries Qatar IQCD.QA gaining 0.8%.
Outside the Gulf, Egypt's blue-chip index .EGX30 - which traded after a session's break - lost 0.2%, hit by a 1.5% fall in Talaat Mostafa Group TMGH.CA.
Egypt raised the prices of a wide range of fuel products on Thursday, the official gazette said, four days before the International Monetary Fund (IMF) conducts a third review of its expanded $8 billion loan programme for the country.
SAUDI ARABIA | .TASI rose 1.2% to 12,175 |
QATAR | .QSI gained 0.4% to 10,136 |
EGYPT | .EGX30 fell 0.2% to 29,036 |
BAHRAIN | .BAX eased 0.3% to 1,970 |
OMAN | .MSX30 lost 0.6% to 4,627 |
KUWAIT | .BKP added 0.4% to 7,830 |
Reporting by Ateeq Shariff in Bengaluru
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