By Md Manzer Hussain
Most Gulf equities ended higher on Wednesday in tandem with a global stocks rally ahead of U.S. Federal Reserve's policy meeting, while rising oil prices also lent support.
Crude prices, a catalyst for the Gulf's financial markets, rose on an expected fall in U.S. crude and fuel inventories, and optimism around the outcome from U.S. and China leaders' meeting.
Saudi Arabia's benchmark stock index TADAWUL:TASI was up for a third day, rising 0.7% to 11,752, its highest level in six months. Saudi National Bank TADAWUL:1180, the kingdom's largest lender by assets, gained 2.3% and ADES Holding TADAWUL:2382 surged 10%, its highest intraday rise in nearly three months.
Oil and gas driller ADES said it has received resumption notices for one of its offshore contracts and several onshore contracts in Saudi Arabia.
Saudi Arabia is preparing to shift its $925 billion sovereign wealth fund from a focus on real estate gigaprojects that have dominated its development goals for the last decade, a source with direct knowledge of the plans told Reuters.
Dubai's benchmark stock index DFM:DFMGI edged 0.3% higher, extending its gain to a second consecutive session. Tolls operator Salik DFM:SALIK climbed 3.3% and Emirates NBD DFM:EMIRATESNBD, the emirate's largest lender, added 2%.
Among other gainers, Union Properties DFM:UPP advanced 1.3% after the developer posted a 162% year-on-year increase in nine-month net profit on Tuesday.
The Qatari benchmark index QSE:GNRI was little changed with Qatar Islamic Bank QSE:QIBK gaining 0.7% while Estithmar Holding QSE:IGRD slipped 1.9%.
Investment holding company Estithmar reported a 20% decline in third quarter net profit compared to previous quarter. However, its quarterly profit surged over 100% from a year earlier.
The Abu Dhabi benchmark index ADX:FADGI fell marginally, as First Abu Dhabi Bank ADX:FAB added 1.2%, while Aldar Properties ADX:ALDAR and ADNOC Drilling ADX:ADNOCDRILL lost 1.1% and 2.6% respectively.
The Fed is expected to implement a 25-basis-point rate reduction, guiding the U.S. economy with limited economic data following nearly a month of government shutdown.
Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
Outside the Gulf, Egypt's blue-chip index EGX:EGX30 fell 0.2% after four consecutive sessions of gains. Commercial International Bank EGX:COMI slipped 0.8% and E-Finance EGX:EFIH dropped 1.5%.
SAUDI ARABIA
TADAWUL:TASI rose 0.7% to 11,752
KUWAIT
(.BKP) added 0.8% to 9,524
QATAR
QSE:GNRI ended flat at 10,928
EGYPT
EGX:EGX30 down 0.2% to 38,230
BAHRAIN
BAHRAIN:BHBX gained 0.8% to 2,048
OMAN
(.MSX30) rose 0.8% to 5,573
ABU DHABI
ADX:FADGI ended flat at 10,162
DUBAI
DFM:DFMGI added 0.3% to 6,089