MUSCAT : Investor sentiment across the Gulf region strengthened after the latest data from the United States revealed a smaller-than-expected rise in core inflation. The news, coupled with continued dialogue between Washington and its key trading partners, helped lift most regional indices.

Dubai’s benchmark index led the charge, climbing 1%, thanks largely to a 5.2% rally in Emirates NBD and a 1.8% gain in real estate giant Emaar Properties.

Abu Dhabi’s index followed suit with a 0.7% rise, driven by an impressive 7.6% surge in Abu Dhabi Commercial Bank, marking its biggest daily leap since April 2020.

Qatar saw its index edge up 0.5%, with Qatar National Bank gaining 1.7%, while Bahrain posted a mild 0.1% increase, closing at 1,953 points.

However, not all markets shared the optimism.

Saudi Arabia’s benchmark fell 1.1%, dragged down by a 1.3% dip in Al Rajhi Bank and a 1.1% slide in oil giant Saudi Aramco.

Oman’s index also slipped 0.3%, closing at 4,613 points, and Kuwait’s market dropped by the same margin, finishing at 9,341 points.

Oil prices, a key driver of Gulf markets, remained mostly flat despite geopolitical developments. The market reacted cautiously to former U.S. President Donald Trump’s announcement of a 50-day deadline for Russia to end the war in Ukraine, aimed at avoiding new sanctions. While the statement eased some supply concerns, it wasn’t enough to stir significant oil movement.

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