Mideast Stocks: Gulf stocks shrug off hawkish Fed rate bets to open higher

Mideast Stocks: Gulf stocks shrug off hawkish Fed rate bets to open higher

Gulf equities edged higher on Thursday, brushing aside fragile risk appetite in stock markets globally after investors assessed the prospect of an aggressive U.S. interest rate hike to tackle rapid inflation.

Although, Gulf Cooperation Council countries still remained vulnerable to rate hikes and demand outlook as oil prices, which fuel the region's growth, mostly remained volatile this week.

Oil prices drifted lower as weak demand concerns over a large build in the U.S. crude inventory plus a strong dollar overtook potential supply disruption as the centre of focus.

The Abu Dhabi index climbed 1.2%, led by a 1.5% hike in its top lender First Abu Dhabi Bank and a 14.7% surge in Dhabi National Energy Company.

Shares of Dhabi National soared in the previous session as well after Multiply Group acquired a 7.3% stake in the group in a deal worth 10 billion dirhams ($2.72 billion). Multiply Group advanced more than 12% on Thursday.

In Dubai, the main share index added 0.5%, and was on course to notch a second consecutive weekly gain, with heavyweight financials and real estate stocks leading the gains. Emirates NBD Bank and Emaar properties were up 0.8% and 1.4%, respectively.

Saudi Arabia's benchmark index rose 0.6%, driven by property and financial