Mideast Stocks: Major Gulf markets rise on dovish Fed

The Commercial Bank (P.S.Q.C.)

14/12/2023 08:04

By Md Manzer Hussain
       Dec 14 (Reuters) - Major stock markets in the Gulf rose
in early trade on Thursday, tracking global peers, after the
U.S. 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 U.S. dollar.
    The Qatari benchmark index  .QSI  jumped 1.3% with all
stocks in the positive territory, led by the region's largest
lender Qatar National Bank QNBK.QA , which climbed 2%.
    Qatar Islamic Bank  QISB.QA  and Commercial Bank  COMB.QA 
shot up 1.5% and 2.2% respectively.
    Saudi Arabia's benchmark stock index  .TASI  was up 0.7%,
supported by gains in all sectors with Elm Company  7203.SE 
rising 1.9% and the world's largest Islamic lender Al Rajhi Bank
 1120.SE  climbing 2%.
    Dubai's benchmark stock index  .DFMGI  rose 0.7% in early
trade with all sectors in the green. 
    Emaar Properties  EMAR.DU  gained 1.6% and Dubai Electricity
and Water Authority  DEWAA.DU  surged 2.5%.
    In Abu Dhabi, the benchmark stock index  .FTFADGI  advanced
0.2%, aided by a 1.1% gain in blue-chip developer Aldar
Properties  ALDAR.AD  and a 1.8% rise in Abu Dhabi Ports Co
 ADPORTS.AD .


 (Reporting by Md Manzer Hussain; Editing by Janane Venkatraman)
 ((MdManzer.Hussain@thomsonreuters.com;))