Most stock markets in the Gulf closed higher on Thursday, led by the Saudi index, joining a global rally as investors cheered the U.S. Federal Reserve's indication that it will still deliver three rate cuts this year.
The Fed kept borrowing costs unchanged on Wednesday and signaled they still expect to ease interest rates by three-quarters of a percentage point by the end of 2024.
Most Gulf currencies 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.
Saudi Arabia's benchmark index (.TASI), opens new tab advanced 0.8% after previous session of losses, lifted by gains in finance and communications services sectors.
Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, soared 4.5%, the highest intraday rise in nearly three years, while the kingdom's largest lender, Saudi National Bank(1180.SE), opens new tab, climbed 2.2%.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab was up for a fourth straight session and ended 0.2% higher, supported by a 1.1% rise in Abu Dhabi Islamic Bank (ADIB.AD), opens new tab, and a 1.6% gain in Aldar Properties (ALDAR.AD), opens new tab.
The Qatari benchmark index (.QSI), opens new tab edged up 0.1% after a second consecutive session of losses, with most sectors in the green.
Ooredoo (ORDS.QA), opens new tab gained 1.3% and the region's largest lender, Qatar National Bank (QNBK.QA), opens new tab, added 0.3%.
Dubai's benchmark index (.DFMGI), opens new tab fell 0.3%, dragged down by losses in real estate, utilities, finance and communication services sectors. Emirates NBD (ENBD.DU), opens new tab, the emirate's largest lender, dropped 1.1% and blue-chip developer Emaar Properties (EMAR.DU), opens new tab slipped 0.5%.
However, Parkin (PARKIN.DU), opens new tab, which oversees public parking operations in the emirates, surged 35% on its first day of trading, closing at 2.84 dirham against IPO price of 2.1 dirhams.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 1.6%. ending four sessions of losses. E-Finance (EFIH.CA), opens new tab surged 9.5% and Fawry for Banking Technology(FWRY.CA), opens new tab climbed 7.9%.
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