Mideast Stocks: Most Gulf bourses rise ahead of central bank meetings

Mideast Stocks: Most Gulf bourses rise ahead of central bank meetings

Most stock markets in the Gulf reversed early losses to close higher on Tuesday despite Omicron coronovirus variant fears as the markets await central banks' decisions regarding their policies this week. The global balancing act begins Tuesday when the Federal Reserve convenes for a two-day meeting, and includes new monetary policy statements by the U.S. central bank on Wednesday, the European Central Bank and the Bank of England on Thursday, and the Bank of Japan on Friday. Dubai's main share index advanced 0.9%, rising for a 10th consecutive session as investors remain optimistic regarding the market's potential to grow with upcoming initial public offerings. Sharia-compliant lender Dubai Islamic Bank gained 2%, while top bank Emirates NBD added 1.8%. Last month, the government announced plans for 10 state-backed companies to be listed as part of efforts to boost activity on the local bourse. The listings are aimed at making Dubai a more competitive market against bigger bourses in the region, such as those in Saudi Arabia and Abu Dhabi, which are achieving larger listings and strong liquidity. In Qatar, the index was up 0.6%, with petrochemical maker Industries Qatar putting on 1.1%. Saudi Arabia's benchmark index closed flat, as gains in