Major stock markets in the Gulf rose in early trade on Thursday, tracking global peers, after the US Federal Reserve suggested that its tightening was over.

The Fed left interest rates unchanged on Wednesday and Chair Jerome Powell said its historic tightening of monetary policy is likely over with inflation falling faster than expected.

Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed decisions as most regional currencies are pegged to the US dollar.

The Qatari benchmark index jumped 1.3% with all stocks in the positive territory, led by the region’s largest lender Qatar National Bank, which climbed 2%. Qatar Islamic Bank and Commercial Bank shot up 1.5% and 2.2% respectively.

Saudi Arabia’s benchmark stock index was up 0.7%, supported by gains in all sectors with Elm Company rising 1.9% and the world’s largest Islamic lender Al Rajhi Bank climbing 2%.

Dubai’s benchmark stock index rose 0.7% in early trade with all sectors in the green.

Gulf bourses end mixed on weak oil, ahead of Fed decision

Emaar Properties gained 1.6% and Dubai Electricity and Water Authority surged 2.5%.

In Abu Dhabi, the benchmark stock index advanced 0.2%, aided by a 1.1% gain in blue-chip developer Aldar Properties and a 1.8% rise in Abu Dhabi Ports Co .