Major stock markets in the Gulf put in a mixed performance in early trade on Tuesday, amid volatile oil prices and as investors awaited outcome of the US Federal Reserve’s meeting.
The Fed is widely expected to hold rates steady on Wednesday, with the market’s attention on policymakers’ updated economic and interest rate projections and comments from Chair Jerome Powell.
Most Gulf currencies are pegged to the dollar, and any monetary policy change in the US is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
The Qatari benchmark index was up 0.3%, supported by gains in almost all sectors with Qatar Navigation rising 1.5% and Dukhan Bank gaining 1.7%.
In Abu Dhabi, the benchmark stock index inched up 0.1%, helped by a 0.9% gain in Multiply Group and 0.6% rise in First Abu Dhabi Bank, the UAE’s largest lender.
Dubai’s benchmark stock index was down 0.1%, with blue-chip developer Emaar Properties slipping 0.6% and Tecom Group falling 1.1%.
Gulf bourses mixed in early trade
Saudi Arabia’s benchmark stock index retreated 0.1%, weighed down by losses in industry, materials, real estate and finance.
Saudi National Bank, the kingdom’s largest lender, dropped 0.9% while Al Rajhi Bank, the world’s largest Islamic lender, shed 0.4%.
However, Leejam Sports Co surged 7.1%, the sharpest intraday gain in more than four months.
The operator of fitness centers in the MENA region reported a nearly 23% rise in fourth quarter net profit.
Oil price - a catalyst for the Gulf’s financial markets - dipped on Tuesday after reaching four-month highs in the previous session, with Brent trading at $86.79 a barrel by 0753 GMT.
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