Stock markets in the Gulf ended higher on Tuesday as investors brushed aside worries about the U.S Federal Reserve interest rate trajectory and volatile oil prices, although the Qatar index fell with a tepid performance across most sectors.
Dubai's benchmark stock index (.DFMGI), opens new tab gained 0.4% after a loss the previous session, with most sectors in the green.
Dubai Islamic Bank (DISB.DU), opens new tab gained 2.1% and Emaar Properties (EMAR.DU), opens new tab climbed 3%. Blue-chip developer Emaar and Dubai World Trade Centre have established a joint venture to develop Expo Living, a new urban community spanning 451,295 square metres in Dubai.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab also rose 0.4% with conglomerate International Holding (IHC.AD), opens new tab adding 1% and Phoenix Group (PHX.AD), opens new tab gaining 1.5%.
Crypto mining and blockchain firm Phoenix said its founders were planning to purchase its shares on the open market.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was up for a third consecutive session ending 0.4% higher with Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, rising 2% and Saudi Electricity Co (5110.SE), opens new tab (SEC) gaining 1.6%.
SEC, the kingdom's electric transmission monopoly, and a consortium of ACWA Power and Korea Electric Power Corp signed power purchase agreements worth 15 billion riyals ($4 billion) with the Saudi Power Procurement Company.
"GCC markets demonstrated remarkable resilience despite negative performances in oil markets and geopolitical tensions," said Joseph Dahrieh, managing principal at Tickmill.
"Although these challenges have triggered some market volatility."
The Qatari benchmark index (.QSI), opens new tab dropped 0.3%, weighed down by losses in almost all sectors with Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, falling 0.4% and Ooredoo (ORDS.QA), opens new tab losing 1.8%.
However, Al Mahhar Holding (MHAR.QA), opens new tab gained 1.1% after its shareholders approved its transfer to the main market.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell for a third session, ending 0.6% lower. Commercial International Bank (COMI.CA), opens new tab shed 0.8% and EFG Holding (HRHO.CA), opens new tab slid 2.5%.
Meanwhile, EFG unit EFG Hermes said its private equity arm has launched a $300 million Saudi Education Fund in Saudi Arabia.
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