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Most Gulf Markets Gain ahead of US Data; Qatar Eases

July 11 (Reuters) - Most major Gulf stock markets rose in early trade on Tuesday ahead of U.S. inflation data due on Wednesday that could support a more rapid end to Federal Reserve rate hikes.

Most Gulf Cooperation Council (GCC) countries, including Saudi Arabia, the United Arab Emirates and Qatar, have their currencies pegged to the U.S. dollar and follow the Fed's policy moves closely, exposing the region to a direct impact from monetary tightening in the world's largest economy.

Saudi Arabia's benchmark index gained 0.4%, driven by a 1.1% rise in Dr Sulaiman Al-Habib Medical Services.

Separately, Saudi Arabia has sent $2 billion to Pakistan's central bank, the South Asian country's finance minister said on Tuesday, another boost for its ailing economy after an IMF bailout.

Dubai's main share index added 0.1%, trading at its highest since 2015, helped by a 2.7% increase in budget airline Air Arabia.

In Abu Dhabi, the index rose 0.2%.

Oil prices - a key catalyst for the Gulf's financial markets - edged higher recouping some of the losses from the previous session, as traders focused on supply cuts by the world's biggest oil exporters Saudi Arabia and Russia and a weaker dollar.

In Qatar, the index fell 0.5%, as most of the stocks on the index were in negative territory including, Commercial Bank, which was down 2.4%.

Reporting by Ateeq Shariff in Bengaluru. Editing by Jane Merriman

Source: Reuters

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