Most stock markets in the Gulf ended higher on Thursday, with the Saudi index snapping three sessions of losses, ahead of a gathering of global central bankers in Jackson Hole.

A round of soft manufacturing surveys had revived hopes central banks were done with policy tightening, though that might change depending on Federal Reserve Chair Jerome Powell’s speech at the annual summit in Wyoming on Friday.

Oil and gas exporting countries in the Gulf tend to follow the Fed’s rate moves, as most regional currencies are pegged to the U.S. dollar. Only the Kuwaiti dinar is pegged to a basket of currencies, which includes the dollar.

Saudi Arabia’s benchmark index gained 0.3%, with oil giant Saudi Aramco gaining 0.4% and Saudi National Bank finishing 1% higher.

The Saudi stock market stabilized to a certain extent and traded sideways this week although uncertainty gripped energy markets, said Hani Abuagla, senior market analyst at XTB MENA.

Major Gulf markets mixed ahead of Jackson Hole meet

“The main index could be exposed to new price corrections next week if oil prices decline again.”

Prices of oil — a catalyst for the Gulf’s financial markets — steadied after earlier declines caused by disappointing economic data from key economies, with investors awaiting Powell’s speech for clues.

Dubai’s main share index added 0.2%, helped by a 1.6% rise in Emirates Central Cooling Systems Corp.

In Abu Dhabi, the index gained 0.4%.

The Qatari benchmark closed 0.3% higher, with petrochemical maker Industries Qatar advancing 1.8%.

Outside the Gulf, Egypt’s blue-chip index climbed 0.4%.

The Egyptian bourse continued to find resistance near this year’s peak. Decreasing trading volumes could create downside risks in the next trading sessions, said Abuagla.

======================================== SAUDI ARABIA     rose 0.3% to 11,405 ABU DHABI        up 0.4% to 9,771 DUBAI            added 0.2% to 4,107 QATAR            gained 0.3% to 10,365 EGYPT            rose 0.4% to 18,208 BAHRAIN          eased 0.1% to 1,952 OMAN             was flat at 4,776 KUWAIT           gained 0.5% to 7,766========================================