Most stock markets in the Gulf were mixed in early trade on Thursday after the U.S. Federal Reserve downplayed risks of an interest rate hike, while rising oil prices lifted the investor sentiment.
Oil prices - a catalyst for the Gulf's financial markets- were up 0.95% with Brent trading at $84.22 a barrel by 0830 GMT.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab rose 0.1%, supported by a 2.7% gain in Abu Dhabi Islamic Bank (ADIB.AD), opens new tab and a 1.4% climb in Aldar Properties (ALDAR.AD), opens new tab.
Meanwhile, shares of Agility Global (AGILITY.AD), opens new tab surged as much as 300% to 1.48 dirham a share against trading reference price of 0.37 dirham in its debut trading on Abu Dhabi bourse.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was up 0.1%, helped by gains in most sectors. Saudi Telecom (7010.SE), opens new tab, the kingdom's largest mobile operator, advanced 1.2% and Middle East Pharmaceutical (4016.SE), opens new tab added 1.5%.
Dubai's benchmark stock index (.DFMGI), opens new tab inched up 0.1% with Emaar Properties (EMAR.DU), opens new tab rising 1% and tolls operator Salik Company (SALIK.DU), opens new tab gaining 0.6%.
The Qatari benchmark index (.QSI), opens new tab fell 0.6%, weighed down by losses in almost all sectors with Qatar Islamic Bank (QISB.QA), opens new tab sliding 1.4% and Mesaieed Petrochemical (MPHC.QA), opens new tab dropping 1.3%.
The Fed had left interest rates on hold and its Chair Jerome Powell told reporters that inflation was too high and progress in bringing it down was uncertain. But he did not entertain growing speculation the Fed may need to hike rates.
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.
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