Dubai's benchmark stock index was up 0.2%, helped
by gains in industry and utilities sectors. Cooling services
providers Emirates Central Cooling Systems and National Central
Cooling rose 1.3% and 3.5%, respectively.
Diversified investment firm Dubai Investments gained 1.3%
after it raised its full-year cash dividend from 12 fils per
share to 20 fils.
Saudi Arabia's benchmark stock index rose 0.7% in
broad-based gains, led by finance, materials and energy sectors.
Al Rajhi Bank gained 0.5% and Saudi National Bank, the Kingdom's
largest commercial bank, rose 1.9%.
Shares of Saudi Company For Hardware slid 1.8% after the
retailer reported a full-year net loss of 142.5 million riyals
compared to a 28.5 million riyals loss a year earlier.
(Reporting by Md Manzer Hussain; Editing by Subhranshu Sahu)
By Md Manzer Hussain
March 21(Reuters) - Most stock markets in the Gulf rose
slightly in early trade on Tuesday, tracking global peers as
fears about a global banking crisis eased, while investors
awaited the U.S. Federal Reserve's two-day policy meeting
starting later in the day.
The market estimate of the most likely size of the next Fed
move has fallen to 25 basis points from 50 bps since the banking
strife began this month.
Most Gulf currencies are pegged to the U.S. dollar, while
Saudi Arabia, the United Arab Emirates and Qatar usually mirror
U.S. monetary policy changes.
The Qatari Stock index rose 0.7%, led by finance and
materials. Qatar National Bank, the region's largest bank, and
Qatar International Islamic Bank climbed 2.1% and 2%,
respectively.
In Abu Dhabi, the benchmark stock index inched up
0.1%, aided by a 1.2% gain in Abu Dhabi Commercial Bank and a
1.47% rise in Multiply Group.
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