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Middle East markets mixed over Fed’s decision to withhold US interest rates hike

Abu Dhabi, Qatar, Kuwait and Oman were up, but bourses in Dubai, Saudi Arabia and Egypt fell

Stock markets in the Middle East inched up in midday trade on Sunday (20 September) driven by the Federal Reserve’s decision on Thursday to not raise US interest rates.

Abu Dhabi Securities Exchange’s General Index rose by 0.9 per cent or 38.71 points to reach 4517.76 at 12:51pm local time.

Qatar’s bourse edged up by 0.2 per cent while stock markets in Kuwait and Oman were up by 0.1 per cent each.

Meanwhile, Dubai Financial Markets’ General Index fell by 0.54 per cent to 3,605.45 with most stocks in the red at the news of the Fed’s decision, which pushed the oil prices further down.

Mortgage lender Amlak Finance was 0.96 per cent lower, while real estate developers Emaar Properties and Damac Properties fell by 1.25 per cent and 1.65 per cent, respectively.

Saudi Arabia’s main stock index edged down by 1.5 per cent in early trade and Egypt’s bourse fell by 0.5 per cent as the country’s central bank also kept its rates unchanged.

European and US markets had fallen on Thursday when Fed announced that it was not going to hike interest rates because of the weakening global growth and recent stock market volatility.