Major Gulf bourses gain ahead of US Fed rate meeting | Reuters

Major Gulf bourses gain ahead of US Fed rate meeting | Reuters

Major stock markets in the Gulf rose in early trade on Monday ahead of this week's U.S. Federal Reserve policy meeting, overlooking for now fears of a wider conflict in the region as Israeli troops press ahead with a ground assault in Gaza.

The Federal Reserve meeting which concludes on Wednesday is likely to dominate a busy week, which also offers U.S. employment data and earnings from tech heavyweight Apple Inc (AAPL.O), possibly setting the course for stocks and bonds the rest of the year.

The Fed is widely expected to keep interest rates unchanged. The Bank of England and Bank of Japan will also announce policy decisions in the coming days.

Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed decisions as most regional currencies are pegged to the U.S. dollar.

Saudi Arabia's benchmark index (.TASI) gained 1%, with oil giant Saudi Aramco (2222.SE) rising 0.6% and Bupa Arabia For Cooperative Insurance (8210.SE) up 8.4%.

Riyadh Cables (4142.SE) also jumped 3% after third-quarter earnings exceeded market expectations.

Dubai's main share index (.DFMGI) rose 0.8%, led by a 2.7% gain for top lender Emirates NBD (ENBD.DU) and a 1.6% rise in blue-chip developer Emaar Properties (EMAR.DU).

In Abu Dhabi, the index (.FTFADGI) added 0.6%.

Emirati agribusiness Al Dahra is in talks to acquire more agricultural land in Egypt, two sources with direct knowledge of the matter said, in a deal that could reduce Cairo's dependence on imports of staple crops but also reignite water use concerns.

The Qatari benchmark (.QSI) was 2.4% higher with almost all its constituent stocks in positive territory, including a 4.2% gain for Commercial Bank (COMB.QA).

Israel's military said it had struck more than 600 militant targets over the past few days as it continued to expand ground operations in the Gaza Strip, where Palestinian civilians are in dire need of fuel, food and clean water as the conflict enters its fourth week.