Most stock markets in the Gulf were up in early trade on Thursday, tracking global peers higher after the US Federal Reserve maintained its projections for three interest rate cuts for this year.

Overnight, the Federal Reserve stayed on track for three interest rate cuts this year and affirmed that solid economic growth will continue.

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 stock index advanced 0.5%, lifted by gains in almost all sectors, with Al Rajhi Bank, the world’s largest Islamic lender, climbing 1.6% and Alinma Bank adding 1.2%.

In Abu Dhabi, the benchmark stock index rose 0.1%, helped by a 0.5% gain in both Aldar Properties and First Abu Dhabi Bank, the UAE’s largest lender.

The Qatari benchmark index was up marginally, aided by a 0.5% gain in Masraf Al Rayan and a 0.7% rise in Qatar Fuel Co, while Dukhan Bank and Qatar Gas Transport slid 3.0% and 0.8%, respectively.

Gulf bourses mixed in early trade

Dubai’s benchmark stock index eased 0.1%, weighed down by losses in consumer staples, finance and communication services sectors, with Commercial Bank of Dubai dropping 5.3% and Emirates Integrated Telecommunication sliding 1.0%.

Parkin, which oversees public parking operations in the emirates, opened 30% higher in its market debut, reaching 2.76 dirham against IPO price of 2.1 dirhams.