Major Gulf markets up after central banks cut rates to mirror Fed

Major stock markets in the Gulf rose in early Thursday trade after most central banks in the region cut their key interest rates following a larger than usual policy easing by the U.S. Federal Reserve, reports Reuters.
The Fed cut its benchmark rate by 50 basis points (bps) on Wednesday, with policymakers seeing another half a percentage point fall by the end of this year.
Saudi Arabia's benchmark index gained 0.4 per cent, with Al Rajhi Bank rising 1.1 per cent.
The kingdom, the region's biggest economy, cut its repurchase agreement (Repo) rate and reverse repo rate by 50 bps each to 5.5 per cent and 5.0 per cent respectively, according to a central bank statement.
Among other gainers, oil behemoth Saudi Aramco was up 0.6 per cent.
Oil prices - a catalyst for the Gulf's financial markets - rose after the U.S. rate cut, but concerns over global demand lingered and capped gains.
Dubai's main share index added 0.5 per cent, led by a 1.2 per cent increase in blue-chip developer Emaar Properties.
In Abu Dhabi, the index edged 0.2 per cent higher.
The United Arab Emirates' central bank also reduced its base rate on the overnight deposit facility by half a percentage point to 4.90 per cent.
Monetary policy in the Gulf Cooperation Council (GCC) often aligns with the Fed's decisions as most regional currencies are pegged to the U.S. dollar.
The Qatari benchmark added 0.4 per cent, driven by a 0.6 per cent rise in the Gulf's biggest lender Qatar National Bank.
Qatar's central bank cut key interest rates by 55 basis points on Wednesday.