DUBAI: Most stock markets in the Gulf gained on Wednesday as investors shrugged off fears of hawkish signals from US Federal Reserve Chair Jerome Powell’s congressional testimony. Powell is scheduled to deliver congressional testimonies on monetary policy on Wednesday and Thursday.

Markets expect around a 78% chance of a hike to 5.25-5.5% next month, with that likely being the end of the entire tightening cycle..

Most Gulf currencies 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.dubai stock

Saudi Arabia’s benchmark index inched up 0.3%, with Dr Sulaiman Al-Habib Medical Services rising 1.3% and Company for Cooperative Insurance climbing 3.9%.