Major Gulf bourses rose as banks gained in Saudi index

Major Gulf stock rose in early trade on Monday, with the Saudi index bolstered by gains in its banking shares.

Saudi Arabia’s benchmark index rose 0.5%, with Al Rajhi Bank gaining 1.4% and Riyad Bank up 2.1%.

The kingdom’s consumer price index jumped 6.1% in July compared with a year earlier, boosted by a tripling of value-added tax, official data showed on Sunday.

The annual inflation rate in June was 0.5%, the smallest increase since January, before the VAT increase to 15% from 5% came into effect on July 1.

Dubai’s main share index edged up 0.2%, supported by a 2% rise in Emirates NBD Bank, on course for its fifth session of gains.