MIDEAST STOCKS-Saudi banks strong before Fed; Qatar bounces, Dana Gas volatile | Reuters:
"Most major stock markets in the Gulf rose on Wednesday as shares in Qatar picked up and Saudi Arabian banks rose on expectations for a U.S. interest rate hike later in the day, which Riyadh would most probably imitate.
"Higher interest rates mean higher net interest margins and with the economy now coming off a slowdown and with better liquidity levels in the market, banking shares have performed well today," said a Riyadh-based fund manager.
Saudi Arabia tends to follow U.S. interest rate moves because its currency is pegged to the dollar."
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