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 (.QSI) 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 (.FTFADGI) inched up 0.1%, aided by a 1.2% gain in Abu Dhabi Commercial Bank and a 1.47% rise in Multiply Group.
Dubai's benchmark stock index (.DFMGI) 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 (.TASI) 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.
Our Standards: The Thomson Reuters Trust Principles.
U.S. President Joe Biden will make a long-delayed visit to close ally Canada this week to express unity on Ukraine and the environment, but is unlikely to make much progress on tougher trade disputes, sources said on Tuesday.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2023 Reuters. All rights reserved