DUBAI: Stock markets in Dubai and Qatar ended higher on Tuesday ahead of a widely expected interest rate pause by the US Federal Reserve although other major markets were subdued amid volatile oil prices.
Most market participants expect the US central bank to leave interest rates unchanged at its policy meeting concluding on Wednesday.
Currencies in most Gulf Cooperation Council countries are pegged to the dollar and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
In Qatar, the benchmark index rose 0.6%, recouping its losses across three previous sessions straight, with all sectors trading in the green.
The region’s largest lender Qatar National Bank and index heavyweight Qatar Islamic Bank gained 1.4% and 1.1%, respectively, while the world’s largest LNG shipping fleet owner, Qatar Gas Transport (Nakilat) added 1.9%.
Dubai’s benchmark index continued its 13-session winning streak and ended 0.3% higher. The index was supported by gains in industry and financial sectors, with tolls operator Salik Company adding 1.3% and low cost flyer Air Arabia rising 2.5%.
The emirate’s largest lender Emirates NBD rose 0.7%.
In Abu Dhabi, the index declined 0.3%, snapping two previous sessions gains, weighed down by a 1.7% drop in Abu Dhabi National Oil Company for Distribution and a 1.8% loss in Abu Dhabi Islamic Bank.
The United Arab Emirates’ biggest lender, First Abu Dhabi Bank slipped 1.1%.
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