Most Gulf markets gain on positive data, Fed's rate signals
By Ateeq Shariff
Aug 11 (Reuters) -Stock markets in the Middle East ended higher on Sunday,
boosted by positive economic data the previous week and signals from Federal Reserve policymakers that they could cut U.S. rates as early as September.
A trio of Fed policymakers indicated on Thursday that they were more confident that inflation is cooling enough to cut rates, and this - along with a bigger-than-expected fall in U.S. jobless claims data - helped to underpin the recovery.
The U.S. Labor Department said initial claims for state unemployment benefits fell 17,000 to a seasonally adjusted 233,000 for the week ended Aug. 3, the largest drop in about 11 months. Economists had expected 240,000 claims.
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 gained 0.6%, with aluminium products manufacturer Al Taiseer Group 4143.SE rising 5.3% and the country's biggest lender Saudi National Bank 1180.SE increasing 2.3%.
In Qatar, the index .QSI added 0.2%, helped by a 2.3% rise in Qatar Electricity and Water Company QEWC.QA.
Outside the Gulf, Egypt's blue-chip index .EGX30 advanced 2.7%, with Talaat Mostafa Holding TMGH.CA finishing 4.5% higher.
Elsewhere, Abu Dhabi Islamic Bank Egypt ADIB.CA gained 2.5%, following a rise in second-quarter net profit.
Separately, Egypt will bid to host the 2036 and 2040 Summer Olympics, with the country's improving infrastructure and sports facilities key for a successful African bid, the head of the African national Olympic committees association (ANOCA) said on Sunday.
SAUDI ARABIA | .TASI rose 0.9% to 11,772 |
QATAR | .QSI was up 0.2% to 10,077 |
EGYPT | .EGX30 leapt 2.7% to 29,533 |
BAHRAIN | .BAX gained 1.1% to 1,932 |
OMAN | .MSX30 rose 0.3% to 4,659 |
KUWAIT | .BKP added 0.7% to 7,748 |
Reporting by Ateeq Shariff in Bengaluru; Editing by Toby Chopra
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