DUBAI: Saudi Arabia’s stock market outperformed its Gulf peers on Wednesday, while the bourses in the region were mixed ahead of the latest Federal Reserve meeting minutes.

The US Federal Reserve has vowed to act aggressively by hiking the cost of borrowing and minutes from its most recent meeting, due later, will be parsed for clues regarding the speed and extent of those actions.

Saudi Arabia’s benchmark index advanced 2.3%, buoyed by a 3.2% jump in Al Rajhi Bank and a 8.3% surge in Riyad Bank.

The kingdom’s oil exports in March rose by 62.9 billion riyals ($16.77 billion), up 123%, while non-oil exports increased by over 25%.

The Saudi stock market has seen continued support from the strong local fundamentals as well as the higher oil prices. Investors could continue returning to the market to buy the dip, said Eman AlAyyaf, CEO of EA Trading.

Shares in the region lost ground in recent weeks amid anxiety about fast-rising inflation that will drive a sharp increase in interest rates and put global economic growth at risk.

In Abu Dhabi, the index reversed early losses to finish 0.9% higher, supported by a 1.7% gain in the United Arab Emirates’ largest lender First Abu Dhabi Bank.

According to AlAyyaf, the Abu Dhabi index saw some support from the stronger oil prices.

“The market could also see some improvements thanks to Borouge’s initial public offering (IPO) as it could attract investors and liquidity.”

Abu Dhabi-headquartered petrochemicals firm Borouge said on Monday it has set the offer price for its IPO, which shows it could raise about $2 billion in the deal, and secured seven cornerstone investors.

The Qatari index eased 0.1%, with Qatar Islamic Bank losing 1.4%.

Outside the Gulf, Egypt’s blue-chip index retreated 1.6%, extending losses from the previous session, hit by a 2% fall in Commercial International Bank.

SAUDI ARABIA rose 2.3% to 12,588

ABU DHABI up 0.9% to 9,559

DUBAI was flat at 3,258

QATAR eased 0.1% to 12,859

EGYPT lost 1.6% to 10,247

BAHRAIN dipped 0.1% to 1,889

OMAN ended flat at 4,122

KUWAIT gained 0.6% to 8,394.