Dubai, March 21 (BNA): Most stock markets in the Gulf rose slightly in early trading today, Tuesday, tracking their global counterparts as concerns about a global banking crisis receded, while investors awaited the two-day monetary policy meeting of the US Federal Reserve, which begins in time. later in the day.
Market estimates of the likely size of the Fed’s next move have fallen to 25 basis points from 50 basis points since the banking struggle began this month.
According to Reuters, most Gulf currencies are pegged to the US dollar, while Saudi Arabia, the UAE and Qatar usually reflect changes in US monetary policy.
The Qatar Stock Index (.QSI) rose 0.7%, led by the finance and materials sector. Qatar National Bank, the largest bank in the region, and Qatar International Islamic Bank jumped 2.1% and 2%, respectively.
And in Abu Dhabi, the benchmark stock index rose 0.1%, supported by gains of 1.2% in Abu Dhabi Commercial Bank and 1.47% in Multiply Group.
Dubai’s main stock index rose 0.2 percent, supported by gains in the industrial and utilities sectors. UAE cooling service providers Central Cooling Systems and National Central Cooling rose 1.3% and 3.5%, respectively.
Diversified investment firm Dubai Investments rose 1.3 percent after it raised its cash dividend for the full year from 12 fils per share to 20 fils.
The benchmark Saudi stock index rose 0.7 percent, in a broad-based gain led by the financial, materials and energy sectors. Al-Rajhi Bank rose 0.5 percent, and the Saudi National Bank, the largest commercial bank in the kingdom, rose 1.9 percent.
Shares of the Saudi Appliances Company fell 1.8% after the retailer reported a net loss for the full year of 142.5 million riyals, compared to losses of 28.5 million riyals a year earlier.
WWA