By Md Manzer Hussain
March 22(Reuters) - Most Stock markets in the Gulf rose
in early trade on Wednesday, mirroring gains in global peers
ahead of the U.S. Federal Reserve's interest rate decision, as
worries on a banking crisis eased.
The markets are awaiting the outcome of the central bank
meeting on Wednesday, with most analysts expecting the Fed to
raise rate by 25 bps and continue with its fight against
inflation.
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%, with gains in most
sectors, led by finance and industry.
The region's largest bank Qatar National Bank and Qatar
International Islamic Bank gained 0.6% and 1.5% respectively,
while conglomerate Industries Qatar climbed 2.9%.
Saudi Arabia's benchmark stock index rose 0.4%,
lifted by gains across all sectors led by finance, materials and
energy, with real estate developer Retal Urban adding 0.8% and
oil giant Saudi Aramco rising 0.6%.
Shares of Gulf Insurance Group slipped 6.1%, the sharpest
intraday fall since May 16, after the insurer reported a 44%
decline in a full-year pre-Zakat net profit.
In Abu Dhabi, the benchmark stock index was up
0.2%, aided by a 1.7% gain in Alpha Dhabi Holding and 0.9% rise
in First Abu Dhabi Bank, the largest lender in the United Arab
Emirates.
Dubai's benchmark stock index fell 0.3% in early
trade, weighed down by losses in finance and communication
sectors, with Emaar Properties dropping 0.5% and Dubai
Commercial Bank losing 2.1%.
Telecom services provider Emirates Integrated
Telecommunications lost 3.1%, the steepest intraday decline
since May 12 as it was trading ex-dividend.
(Reporting by Md Manzer Hussain; Editing by Varun H K)
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