DUBAI: Most Gulf stock markets were neutral to positive in early trade on Wednesday after the US Federal Reserve indicated it would not rush into raising interest rates and oil prices firmed slightly.
Brent crude edged up 0.4 percent to $58.92 per barrel by 0645 GMT.
The Fed is preparing to consider interest rate hikes "on a meeting-by-meeting basis", its Chair Janet Yellen told a congressional committee on Tuesday.
That approach could open the door to an interest rate increase as early as June, but investors interpreted Yellen's testimony overall as likely indicating a later date for lift-off. The Gulf's currency pegs to the US dollar mean it would probably imitate any US monetary tightening.
Dubai's index edged up 0.2 percent, largely because of property stocks. Emaar Properties added 0.4 percent, DAMAC jumped 2.1 percent, and Union Properties climbed 0.9 percent and Deyaar rose 1.3 percent.
The real estate sector, where both companies and customers are often leveraged, is particularly sensitive to interest rate movements and a delay in US tightening would be positive for it.
Abu Dhabi property firm Aldar rose 1.5 percent and was the main support for that emirate's index, which climbed 0.1 percent. Two other developers, RAK Properties and Eshraq Properties, rose 1.3 percent each.
Qatar's benchmark was nearly flat as Ezdan Holding dropped 3.1 percent after announcing 2014 results and dividends. The company proposed a payout of 0.40 riyal per share, up from 0.31 riyal it paid for 2013, but some investors may have hoped for a bigger increase.
Meanwhile, Qatar Navigation (Milaha) added 0.6 percent after the firm raised its 2014 dividend to 5.50 riyals per share from 5.00 riyals in 2013.
Oman's index was also flat, while Kuwait edged down 0.2 percent.
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