Most stock markets in the Gulf ended higher on Monday, helped by rising oil prices and positive market sentiment amid growing expectations of additional Federal Reserve rate cuts.
Oil prices - a catalyst for the Gulf's financial markets - rose after the U.S. intercepted an oil tanker in international waters off the coast of Venezuela and tensions in Russia's war against Ukraine remained high, both of which raised fears of supply disruptions.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.7%, led by a 1.6% rise in Al Rajhi Bank (1120.SE), opens new tab.
Saudi Arabian Mining Company (Ma'aden) (1211.SE), opens new tab jumped 5.3% after it secured Ministry of Energy's approval last week for feedstock allocation to launch its fourth phosphate project.
Dubai's main share index (.DFMGI), opens new tab closed 0.7% higher, with top lender Emirates NBD (ENBD.DU), opens new tab adding support.
In Abu Dhabi, the index (.FTFADGI), opens new tab advanced 0.7%.
Markets are currently pricing in two U.S. rate cuts for next year despite the Fed signalling caution. FEDWATCH
Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
The Qatari index (.QSI), opens new tab was up 0.8%, supported by a 1.5% gain in the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab dropped 0.6%, hit by a 2.4% fall in Commercial International Bank (COMI.CA), opens new tab.
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