Gulf markets mostly up early Sunday after Fed keeps rates on hold

Most Gulf stock markets were up in early trade Sunday, supported by the U.S. Federal Reserve’s decision to keep interest rates on hold, although weaker oil prices pressured some stocks.

Abu Dhabi’s bourse was 0.7 percent higher with most blue chips positive, although Abu Dhabi National Energy Co , sensitive to oil prices, dropped 3.6 percent.

Qatar’s benchmark edged up 0.5 percent. Property firm United Development climbed 1.3 percent after saying it had completed the first auction for townhouses at its new development. It did not disclose the revenue from the auction.

Dubai’s index, however, edged down 0.4 percent as most stocks fell and mortgage lender Amlak Finance, the most traded stock, dropped 2.4 percent.

Among the few gainers was budget carrier Air Arabia which could benefit from cheaper fuel. The stock added 0.7 percent.

Markets in Kuwait and Oman both inched up 0.1 percent.

Source: Reuters