Mideast Stocks: Most Gulf markets gain on Fed rate pause hope; oil, Chinese data weigh

Mideast Stocks: Most Gulf markets gain on Fed rate pause hope; oil, Chinese data weigh

Most stock markets in the Gulf settled higher on Wednesday ahead of a widely expected pause in interest rate hike by the U.S. Federal Reserve, while volatile energy prices and weak Chinese data limited gains. Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.

Saudi Arabia's benchmark index rose 0.5%, gaining for a fourth straight session, with the country's biggest lender Saudi National Bank climbing 2.3%. However, oil behemoth Saudi Aramco lost 0.5%. The kingdom's pledge to deepen output cuts is unlikely to underpin a sustainable price increase into the high $80s to low $90s, Citi said in a note on Tuesday, even as other brokerages signalled a bigger deficit in the second half of the year.

Dubai's main share index added 0.3%, supported by a 1.7% rise in blue-chip developer Emaar Properties. In Abu Dhabi, the index inched 0.2% higher.

The Abu Dhabi bourse was volatile, echoing the price movements in oil markets. In this regard, the uncertainty in energy markets could weigh on expectations while the main index continues to trade below this year's low, said Daniel Takieddine, CEO MENA at