MIDEAST STOCKS-Most Gulf shares up as cooler US inflation eases rate cut concerns

By Md Manzer Hussain

Dec 23 (Reuters) - Most stock markets in the Gulf were up on Monday, after cooler-than-expected U.S. inflation data revived hopes for further policy easing by the Federal Reserve.

Following the November inflation data in the world's largest economy, traders raised their rate cut bets for 2025, now expecting a cut in March and another by October.

The Fed's decisions have a significant impact on the Gulf region's monetary policy, as most currencies there are pegged to the U.S. dollar.

Dubai's benchmark stock index .DFMGI extended its rally to a third straight session, rising 0.4%, pushed up by industry, real estate and finance stocks. Tolls operator Salik Company SALIK.DU gained 1.4% and Emirates NBDENBD.DU, the Dubai's largest lender, added 1%.

Shares of Emaar Properties EMAR.DU were up for a third day, rising 0.8% to their highest in more than 18 years. The blue-chip developer said last Monday it had planned to declare dividends at 100% of share capital for 2024 and the next few years, amounting to 8.80 billion dirhams ($2.4 billion).

Saudi Arabia's benchmark stock index .TASI rose 0.3%, aided by gains in finance, utilities and energy sectors.

The insurer Medgulf 8030.SE climbed 3% after it inked a contract to provide health insurance services to the state-owned Saudi Electricity 5110.SE.

Among other gainers, Knowledge Economic City Company 4310.SE gained 1.3% after the developer said it has signed an agreement with Sidra Capital and Raseel Properties to establish a 1.04 billion riyals ($276.75 million)investment fund.

The Abu Dhabi benchmark index .FTFADGI was up 0.2%, supported by a 2% gain in Abu Dhabi National Energy Company TAQA.AD. Utilities and energy firm TAQA said on Friday that its 43%-owned Masdar had completed the acquisition Of Saeta Yield for an implied enterprise value of EUR 1.2 billion ($1.25 billion).

The Qatari benchmark index .QSI eased 0.1% with Qatar Islamic Bank QISB.QA shedding 0.8%. Industries Qatar IQCD.QA gained 0.6%.

($1 = 3.7579 riyals)

($1 = 0.9603 euros)

(Reporting by Md Manzer Hussain, editing by Ed Osmond)

((mdmanzer.hussain@thomsonreuters.com; +91 8067498453;))