Most Gulf markets extend gains on rate cuts; regional tensions weigh
By Ateeq Shariff
Sept 25 (Reuters) -Most stock markets in the Gulf ended higher on Wednesday, building on gains led by interest rate cuts last week enacted by regional central banks, although geopolitical tensions weighed on investor sentiment.
Last week, most Gulf central banks cut their key interest rates after the U.S. Federal Reserve decreased rates by half a percentage point citing "greater confidence" on inflation.
The Fed projected a further half-point rate cut by the year-end, a full point next year and a half-point trim in 2026.
Monetary policy in the Gulf Cooperation Council often aligns with the Fed's decisions as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index .TASI gained 0.6%, with aluminium products manufacturer Al Taiseer Group 4143.SE rising 3.2%.
Among other gainers, oil giant Saudi Aramco 2222.SE was up 0.7%.
Dubai's main share index .DFMGI advanced 0.6%, led by a 2.2% rise in top lender Emirates NBD ENBD.DU.
In Abu Dhabi, the index .FTFADGI closed 0.6% higher, driven by a 0.5% rise in telecoms group e& EAND.AD after the EU Commission approved the firm's bid for parts of Czech telecom company PPF under certain conditions.
The deal will see e& acquire the sole control of PPF Telecom excluding its local business in the Czech Republic.
The Qatari benchmark .QSI concluded 0.5% higher, with Qatar National Bank QNBK.QA gaining 1.3%.
An Israeli airstrike on Beirut killed a senior Hezbollah commander on Tuesday as cross-border rocket attacks by both sides increased fears of a full-fledged war in the Middle East.
Outside the Gulf, Egypt's blue-chip index .EGX30 rose 1.2% higher, buoyed by a 2.5% increase in Talaat Mostafa Holding TMGH.CA.
SAUDI ARABIA | .TASI rose 0.6% to 12,344 |
ABU DHABI | .FTFADGI up 0.6% to 9,516 |
DUBAI | .DFMGI gained 0.6% to 4,489 |
QATAR | .QSI added 0.5% to 10,543 |
EGYPT | .EGX30 up 1.2% to 31,251 |
BAHRAIN | .BAX eased 0.3% to 2,019 |
OMAN | .MSX30 was up 0.2% to 4,727 |
KUWAIT | .BKP added 0.6% to 7,794 |
Reporting by Ateeq Shariff in Bengaluru; Editing by Vijay Kishore
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