Major Gulf bourses mixed in early trade; Fed meet in focus | Reuters

Major Gulf bourses mixed in early trade; Fed meet in focus | Reuters

Major stock markets in the Gulf put in a mixed performance in early trade on Tuesday, as investors looked forward to what the Federal Reserve would say about the interest rate outlook at its policy meeting this week.

The Qatari benchmark index (.QSI), opens new tab rose 0.3%, supported by gains in all sectors, with Qatar Islamic Bank (QISB.QA), opens new tab adding 0.8% and Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, rising 0.2%.

Among other gainers, Qatar Fuel (QFLS.QA), opens new tab advanced 0.8% after the distributor of fuels posted an increase of 9% in quarterly net profit on Monday.

In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab edged up 0.3%, lifted by a 2.7% gain in Abu Dhabi Commercial Bank (ADCB.AD), opens new tab and a 2.1% surge in Aldar Properties (ALDAR.AD), opens new tab.

Saudi Arabia's benchmark stock index (.TASI), opens new tab fell 0.3%, weighed down by losses in materials, finance and utilities stocks.

Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, slipped 0.6% and the kingdom's flagship mining company, Saudi Arabian Mining (1211.SE), opens new tab dropped 2.7%.

Dubai's benchmark stock index (.DFMGI), opens new tab was down 0.1% with Mashreqbank (MASB.DU), opens new tab falling 3.3% and Emaar Development (EMAARDEV.DU), opens new tab slipping 1.8%.

Emirates Integrated Telecommunications (DU.DU), opens new tab climbed 3.5% after the telecom provider posted a 62.7% surge in quarterly net profit on Monday.

Columbia University began suspending pro-Palestinian activists who refused to take down a tent encampment on its New York City campus Monday – after the school declared a stalemate in talks to end the protests.

Investors will now focus on the Fed's two-day meeting that ends on Wednesday, at which the central bank is expected to stand pat on interest rates and strike a hawkish tone.

Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.