Most stock markets in the Gulf were up in early trade on Monday on strong corporate earnings while investors keenly awaited the U.S. Federal Reserve's policy meeting this week for further cues on its interest rate trajectory.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was up 1%, with all constituents in the green, led by materials, finance and industry stocks.
Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender advanced 1.8% after it reported a 6% rise in quarterly net profit.
The Qatari benchmark index (.QSI), opens new tab advanced 0.5%, supported by gains in almost all sectors with Qatar Islamic Bank (QISB.QA), opens new tab adding 0.7% and Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, rising 0.7%. Among other gainers, Qatar Gas Transport (QGTS.QA), opens new tab rose 1.1% after the LNG shipping firm posted an increase of 6.1% in quarterly net profit on Sunday.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab edged up 0.2%, helped by a 0.7% gain in conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab and a 3.1% surge in blue-chip developer Aldar Properties (ALDAR.AD), opens new tab, which reported an 88% rise in quarterly net profit.
Dubai's benchmark stock index (.DFMGI), opens new tab was little changed with tolls operator Salik Company (SALIK.DU), opens new tab adding 1.2% while Emaar Properties (EMAR.DU), opens new tab shedding 0.5%. The Fed's two-day policy meeting begins on Tuesday. While the U.S. central bank is expected to keep rates on hold, the focus will be on its rate outlook.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
