Most Gulf markets gain on US inflation data

(Reuters) - Most major stock markets in the Gulf rose in early trade on Thursday, helped by a cooler-than-expected U.S. inflation print, although uncertainty over tariffs persisted.

U.S. consumer prices increased less than expected in February, but the improvement is likely temporary against a backdrop of aggressive tariffs on imports that are expected to raise the costs of most goods in the months ahead.

Traders currently price in more than 70 basis points of easing till the end of the year, according to LSEG data.

Monetary policy in the six-member Gulf Cooperation Council is usually guided by the Federal Reserve's decisions, as most regional currencies are pegged to the dollar.

Investors now await U.S. Producer Price Index data due later in the day to gain further insights into the Fed's monetary policy.

Saudi Arabia's benchmark index gained 0.3%, with Al Rajhi Bank adding 0.6% and ACWA Power Company was up 1.2%.

Among other gainers, Saudi Ground Services advanced 4.1%, following a sharp rise in annual profit.

Elsewhere, Rasan Information Technology Co surged more than 7%, on completion of an accelerated book-building process to sell about 17.16% stake at 69 riyals.

However, shopping mall operator Arabian Centres Company slipped 1.8%, on ex-dividend trading.

Dubai's main share index edged 0.1% higher, with top lender Emirates NBD rising 0.5% and Parkin Company, which oversees public parking operations in the emirates, increasing 0.8%.

In Abu Dhabi, the index added 0.2%, helped by a 1.2% rise in ADNOC Gas. The energy firm appointed Al Ramz Capital as liquidity provider.

The Qatari index fell 0.3%, weighed down by a 6% slide in United Development Company, set for its biggest intraday fall since late-June 2023, as the stock traded ex-dividend.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Janane Venkatraman)