DUBAI: Most stock markets in the Gulf rose on Monday, led by the Saudi index closing at its highest since August 2022, despite fading chances of early rate cuts globally.

US producer prices increased more than expected in January after strong gains in the cost of services that could stoke inflation.

Most Gulf Cooperation Council countries, including the United Arab Emirates (UAE), peg their currencies to the US dollar and follow the Fed’s policy moves closely.

Saudi Arabia’s benchmark index gained 0.7%, rising for a thirteenth consecutive session, led by a 3.5% rise in ACWA Power.

The Saudi Stock Exchange and Saudi regulator the Capital Market Authority are reviewing more than 57 initial public offering (IPO) requests for the exchange and Saudi Parallel Market, Saudi Tadawul Group CEO Khalid Alhussan told Al Arabiya TV on Monday.

The Qatari benchmark finished 0.9% higher, with Qatar Islamic Bank rising 2.3% and Islamic lender Masraf Al Rayan increased 3.8%.