Mideast Stocks: Most Gulf equities track oil prices, global markets higher

Mideast Stocks: Most Gulf equities track oil prices, global markets higher

Most major Gulf equities closed higher on Wednesday, tracking global peers and oil prices higher on optimism over China demand recovery, while market focus also turned to U.S. Federal Reserve chief Jerome Powell's speech due later in the day.

Most Gulf Cooperation Council countries, including Saudi Arabia, the United Arab Emirates and Qatar, have their currencies pegged to the U.S. dollar and follow the Fed's policy moves closely, exposing the region to a direct impact from monetary tightening in the world's largest economy.

Powell's speech will be closely watched for signs of a slowdown in the pace of interest rate hikes by the central bank as well as to assess the general health of the U.S. economy.

Saudi Arabia's benchmark index rose 1.5%, led by a 5.1% jump in luxury real estate developer Retal Urban Development Co and a 3.5% increase in Alinma Bank.

Among other stocks, ACWA Power gained 4.3% after the private utility said it has signed agreements to develop the largest solar power plant in the Middle East.

The Qatari index gained 1.1%, boosted by a 4.2% leap in Qatar Islamic Bank. The Qatari bourse extended its rebound after a long period of slump due to the uptrend in natural gas prices