Major Gulf markets mixed ahead of Fed decision | Reuters

Major Gulf markets mixed ahead of Fed decision | Reuters

Major stock markets in the Gulf put in a mixed performance in early trade on Wednesday amid falling oil prices while investors awaited the U.S. Federal Reserve's monetary policy decision.

Oil prices -- a catalyst for the Gulf's financial markets -- fell 0.6% on oversupply worries with Brent trading at $72.8 a barrel by 0740 GMT.

Saudi Arabia's benchmark stock index (.TASI) was down 0.2%, weighed down by losses in energy, finance and health sectors with oil major Aramco (2222.SE) shedding 0.3% and Kingdom's biggest bank Saudi National Bank (1180.SE) dropping 1.4%.

In Abu Dhabi, the benchmark stock index (.FTFADGI) fell 0.1%, dragged down by a 0.4% loss in conglomerate International Holding Company (IHC.AD) and 0.3% drop in UAE's largest lender First Abu Dhabi Bank (FAB.AD).

A policy meeting by the U.S. central bank that concludes later on Wednesday will determine the direction of markets.

The Fed is widely expected to keep rates on hold.

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

Dubai's benchmark stock index (.DFMGI) was up 0.2% in early trade with all sectors in the positive territory.

Emaar Properties (EMAR.DU) climbed 1.1% and Emirates Central Cooling Systems(EMPOWER.DU) surged 1.8%.

The Qatari benchmark index (.QSI) edged up 0.3% with most sectors in the green, supported by 1.4% rise in Qatar Islamic Bank(QISB.QA) and 1.1% gain in Industries Qatar(IQCD.QA).