Most stock markets in the Gulf ended higher on Tuesday, despite concerns over higher-for-longer U.S interest rates, although Saudi shares continued their slide for a fourth session.
The Federal Reserve officials said monetary policy will need to stay restrictive for "some time" to bring inflation back down to the U.S. central bank's 2% target.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policies as most regional currencies are pegged to the U.S. dollar.
In Abu Dhabi, the benchmark index (.FTFADGI) rose for a second consecutive session and ended 0.5% higher, lifted by a 0.8% gain in conglomerate International Holding Company (IHC.AD) and a 2.4% surge in Aldar Properties (ALDAR.AD).
The UAE's largest lender First Abu Dhabi Bank (FAB.AD) added 0.4% and Abu Dhabi commercial Bank (ADCB.AD) gained 1.1%.
Abu Dhabi's non-oil economic growth surged 12.3% in the second quarter, data showed on Monday, supporting overall GDP growth in the period of 3.5% year-on-year.
Dubai's benchmark index (.DFMGI) was up 0.5%, extending its rally to a third straight session with most sectors in the positive territory.
Middle East's low-cost carrier Air Arabia (AIRA.DU) shot up 3.6% and real estate developer Emaar Development (EMAARDEV.DU) advanced 4.1%.
The emirate's largest lender Emirates NBD (ENBD.DU) surged 2%.
The Qatari index (.QSI) inched up 0.2%, supported by finance and energy sectors, with Qatar Gas Transport (QGTS.QA) rising 2.8% and Qatar Islamic Bank (QISB.QA) adding nearly 1%.
Saudi Arabia's benchmark index (.TASI) was down 0.5%, extending its losses to a fourth consecutive session, with oil major Saudi Aramco (2222.SE) falling 0.7% and Dar Al Arkan Real Estate Development Company (4300.SE) dropping 6.5%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 1%, extending its losses to a fourth session, weighed down by an 8% slump in Alexandria Mineral Oils Co (AMOC.CA) and a 4.5% drop in Misr Fertilizers Production Co (MFPC.CA).
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