By Md Manzer Hussain
(Reuters) -Most Gulf equities rose on Wednesday, tracking a global stock market rally after a softer U.S. inflation data raised hopes of a Federal Reserve rate cut in September, while mixed earnings reports in the region weighed on sentiment.
U.S. consumer prices increased marginally in July, up 0.2% month-on-month. The in-line print lifted the odds of a Fed rate cut next month odds to 94% from 86% a day earlier.
U.S. monetary policy shifts have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
Saudi Arabia’s benchmark stock index bounced back after it hit a near two-month low on Tuesday, rising 0.3% with most constituents posting gains.
ACWA Power climbed 3.3%, while Mohammed Hasan AlNaqool Sons Co surged 4.7% after the concrete maker reported a 73% advance in half-year net profit.
The Qatari benchmark index rose 0.4%, with most constituents advancing. AlRayan Bank jumped 2% and Qatar Islamic Bank gained 1%. Mesaieed Petrochemical, however, shed 0.2% after it reported a 5% dip in half-year net profit.
Dubai’s benchmark stock index was down 0.3%, pressured by losses in real estate, industry and finance shares. Blue-chip developer Emaar Properties fell 1.3%. Al Ansari Financial Services declined 1% after the region’s largest non-banking financial firm posted a 3% decrease in second-quarter net profit.
Amlak Finance was the biggest decliner, dropping 3.7% in early trade after the real-estate financier posted a second-quarter net loss on Tuesday.
The Abu Dhabi benchmark index was rangebound as losses in technology, real estate and industry stocks offset gains in consumer staples, energy and communication shares. Lulu Retail was up 1.7% after the retailer reported a 1.8% increase in second-quarter net profit and 9.1% rise in half-year profit.
Alpha Data slipped 2.2% as technology services firm posted a 4.9% drop in second-quarter net profit.
(Reporting by Md Manzer Hussain; Editing by Rashmi Aich)
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