Mideast stocks: Gulf bourses gain on rising oil prices, Fed rate pause optimism

Mideast stocks: Gulf bourses gain on rising oil prices, Fed rate pause optimism

Most stock markets in the Gulf rose in early trade on Tuesday, tracking oil prices higher, while investors remained cautious ahead of key policy decisions by the U.S. Federal Reserve and other central banks.

Crude prices - a key catalyst for the region's financial markets - climbed 1.1% on Tuesday, with Brent crude up to $72.61 a barrel, as of 0640 GMT.

In Qatar, the benchmark index rose 0.7%, recouping its losses across three consecutive sessions, with all sectors trading in the green.

Index heavyweights Qatar Islamic Bank QPSC and Ooredoo QPSC gained 1.1% and 2.4%, respectively.

Dubai's benchmark stock index added 0.2% in early trade, supported by gains in most sectors, with Emaar Properties PJSC gaining 0.7% and tolls operator Salik Company PJSC rising 1%.

The Emirate's largest lender Emirates NBD Bank PJSC rose 0.4%.

In Abu Dhabi, the benchmark stock index was up 0.1%, helped by a 1.6% gains in Multiply Group PJSC and 1.2% rise in blue-chip developer Aldar Properties PJSC .

Saudi Arabia's benchmark stock index inched up 0.1%, lifted by gains in finance, health care and industry sectors, with Dr. Sulaiman Al-Habib Medical Services Group adding 0.8% and Banque Saudi Fransi SJSC rising 1.1%.

Most market participants expect the U.S. central bank to leave interest rates unchanged at its policy meeting concluding on Wednesday.

Currencies in most Gulf Cooperation Council countries are pegged to the dollar and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.