DUBAI: Most stock markets in the Gulf ended higher on Wednesday after the usual flurry of annual corporate earnings, while shrugging off concerns about further delay in interest rate cuts following hotter-than-expected US inflation.
US consumer prices increased more than expected in January amid rises in the costs of shelter and healthcare, but the pick-up in inflation likely does not change expectations that the Fed will start cutting rates in the first half of this year.
Most Gulf currencies are pegged to the dollar, and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States.
Saudi Arabia’s benchmark index gained 0.3%, rising for a tenth consecutive session, led by a 8.2% jump in Savola Group.
Meanwhile, the kingdom’s deficit reached 80.946 billion riyals ($21.58 billion) in 2023’s budget, the finance ministry reported on Wednesday.
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