Most Gulf shares rise on Fed rate cut hopes; corporate earnings mixed

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By Md Manzer Hussain Most stock markets in the Gulf tracked global equities higher in early trade on Thursday, after benign U.S. inflation data raised hopes of a Federal Reserve rate cut, while earnings reports in the region were mixed.Traders overwhelming expect the Fed to cut rates in September after data this week showed U.S. Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.The Qatari benchmark index QSE:GNRI rose 0.8%, with almost all constituents advancing. Qatar National Bank QSE:QNBK, the region's largest lender, gained 1.7% and Qatar Islamic Bank QSE:QIBK climbed 1.2%. Dubai's benchmark stock index DFM:DFMGI was up 0.4%, supported by gains in real estate, industry, finance, and utilities sectors. Blue-chip developer Emaar Properties DFM:EMAAR rose 1% and toll operator Salik DFM:SALIK advanced 3.8%. Salik posted a 49.6% increase in second-quarter net profit on Wednesday, beating estimates. Air Arabia DFM:AIRARABIA slipped 0.8% as the low-cost carrier posted a 10% drop in second-quarter net profit attributable.Saudi Arabia's benchmark stock index TADAWUL:TASI inched up 0.1%, aided by gains in consumer staples, finance, and real estate. Saudi Industrial investment TADAWUL:2250 climbed 4.4% and Saudi National Bank TADAWUL:1180, the kingdom's largest lender by assets, added 0.9%. Saudi Printing And Packaging TADAWUL:4270 surged 8.4% after it said it has signed a financing agreement with Saudi Research and Media Group.The Abu Dhabi benchmark index ADX:FADGI traded in a narrow range as gains in technology, real estate and industry stocks offset losses in consumer staples, energy and communication shares. RAK Properties ADX:RAKPROP was up 1.3% after the real estate developer reported a 95% jump in second-quarter net profit. Investcorp Capital ADX:ICAP slid 1.3% after reporting a 22% drop in full-year net profit on Wednesday.

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