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Mideast Stocks: Most Gulf markets gain on US rate cut hopes
['Ateeq Shariff']
Zawya.com - All Regional News
Most major stock markets in the Gulf rose in early trade on Thursday after a weak U.S. labour market report bolstered bets for Federal Reserve interest rate cuts.
Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
Saudi Arabia's benchmark index gained 0.2%, helped by a 0.9% rise in oil behemoth Saudi Aramco and an 8% increase in Saudi Telecom Company .
The kingdom's Capital Market Authority called for a public consultation on opening its main stock market to all categories of non-resident foreign investors and enabling them to directly invest in it, the regulator said on Wednesday.
In Abu Dhabi, the index rose 0.4%.