Major stock markets in the Gulf were up in early trade on Thursday on optimism about potential U.S. interest rate cuts, even as the timing of the move remained uncertain.
Data on Wednesday showed lower growth in the U.S. services industry and bolstered optimism over the potential easing of monetary policy. Federal Reserve Chair Jerome Powell's reaffirmation about lowering rates also aided sentiment.
Most Gulf currencies are pegged to the dollar, and any change in the United States monetary policy is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
The Qatari benchmark index (.QSI), opens new tab advanced 0.9%, supported by gains in almost all stocks with Qatar Islamic Bank (QISB.QA), opens new tab climbing 1.2% and Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, rising 1.7%.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was up 0.3%, with most constituents in the green, led by materials and IT stocks.
Saudi Basic Industries (2010.SE), opens new tab gained 2.3% and Sahara International Petrochemical(2310.SE), opens new tab climbed 4.3%, while the kingdom's largest mobile operator, Saudi Telecom (7010.SE), opens new tab and e-services provider, Elm Company (7203.SE), opens new tab added 1% and 1.7%, respectively.
Dubai's benchmark stock index (.DFMGI), opens new tab rose 0.4%, lifted by gains in most sectors with tolls operator Salik Company (SALIK.DU), opens new tab adding 2.2% and Mashreqbank (MASB.DU), opens new tab surging 7.6%.
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