Mideast Stocks: Major Gulf bourses gain ahead of US Fed rate meeting

Mideast Stocks: Major Gulf bourses gain ahead of US Fed rate meeting

Major stock markets in the Gulf rose in early trade on Monday ahead of this week's U.S. Federal Reserve policy meeting, overlooking for now fears of a wider conflict in the region as Israeli troops press ahead with a ground assault in Gaza.

The Federal Reserve meeting which concludes on Wednesday is likely to dominate a busy week, which also offers U.S. employment data and earnings from tech heavyweight Apple Inc , possibly setting the course for stocks and bonds the rest of the year.

The Fed is widely expected to keep interest rates unchanged. The Bank of England and Bank of Japan will also announce policy decisions in the coming days.

Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed decisions as most regional currencies are pegged to the U.S. dollar.

Saudi Arabia's benchmark index gained 1%, with oil giant Saudi Aramco rising 0.6% and Bupa Arabia For Cooperative Insurance up 8.4%.

Riyadh Cables also jumped 3% after third-quarter earnings exceeded market expectations.

Dubai's main share index rose 0.8%, led by a 2.7% gain for top lender Emirates NBD and a 1.6% rise in blue-chip developer Emaar Properties.

In Abu Dhabi, the index added 0.6%.

Emirati agribusiness Al Dahra is in talks