Most stock markets in the Gulf were up in early trade on Thursday, tracking global peers higher after the U.S. Federal Reserve maintained its projections for three interest rate cuts for this year.
Overnight, the Federal Reserve stayed on track for three interest rate cuts this year and affirmed that solid economic growth will continue.
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 stock index (.TASI), opens new tab advanced 0.5%, lifted by gains in almost all sectors, with Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, climbing 1.6% and Alinma Bank (1150.SE), opens new tab adding 1.2%.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab rose 0.1%, helped by a 0.5% gain in both Aldar Properties (ALDAR.AD), opens new tab and First Abu Dhabi Bank (FAB.AD), opens new tab, the UAE's largest lender.
The Qatari benchmark index (.QSI), opens new tab was up marginally, aided by a 0.5% gain in Masraf Al Rayan (MARK.QA), opens new tab and a 0.7% rise in Qatar Fuel Co (QFLS.QA), opens new tab, while Dukhan Bank (DUBK.QA), opens new tab and Qatar Gas Transport (QGTS.QA), opens new tab slid 3.0% and 0.8%, respectively.
Dubai's benchmark stock index (.DFMGI), opens new tab eased 0.1%, weighed down by losses in consumer staples, finance and communication services sectors, with Commercial Bank of Dubai (CBD.DU), opens new tab dropping 5.3% and Emirates Integrated Telecommunication (DU.DU), opens new tab sliding 1.0%.
Parkin (PARKIN.DU), opens new tab, which oversees public parking operations in the emirates, opened 30% higher in its market debut, reaching 2.76 dirham against IPO price of 2.1 dirhams.
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