MIDEAST STOCKS-Dubai leads region-wide gains after Fed keeps stimulus steady | Reuters:
"* Fed decision less of a relief to Gulf than other regions
* But positive for oil prices, boosting petrochems
* Real estate firms also lead markets up
* Mashreq Bank soars in thin trade on ownership curb change
* Weaker U.S. dollar pushes Egypt speculators into stocks
By Nadia Saleem
DUBAI, Sept 19 (Reuters) - Dubai's bourse led a regional uptrend on Thursday after the surprise decision by U.S. Federal Reserve to maintain its bond-buying programme.
Compared to emerging markets in Asia, the impact on markets in the Gulf was modest; since it does not rely on foreign capital inflows, the region had been much less worried than Asia about any tightening of U.S. monetary policy.
But the Fed's decision was still positive for the Gulf by supporting demand for its oil exports, and by implying global interest rates would remain low, benefitting the property sector.
"Regionally, our foreign exposure is increasing and they're putting more money here," said Fouad Darwish, head of brokerage at Kuwait's Global Investment House. "Investors that were factoring in a Fed tapering were on the sidelines but are now back in.""
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