Gulf stocks mixed in early trade

Most Gulf stock markets were up in early trade on Wednesday as investors awaited the Federal Reserve’s policy meeting for clues on interest rates for the year, according to Reuters on Wednesday.

Dubai’s benchmark index increased 0.3 per cent, supported by gains in utilities, finance, and consumer discretionary sectors, the report mentioned.

Abu Dhabi’s index edged up 0.1 per cent, with Abu Dhabi Islamic Bank and Purehealth posting gains.

Saudi Arabia’s index increased by 0.1 per cent, driven by gains in various sectors. The Qatari index declined by 0.1 per cent, with Baladna and Qatar Gas Transport falling, while Qatar International Islamic Bank rose.

The Fed is expected to keep rates unchanged, with focus on economic projections and comments from Chair Jerome Powell.

Gulf currencies are typically pegged to the dollar, so any US monetary policy changes may impact Saudi Arabia, the UAE, and Qatar.