News

By Md Manzer Hussain

March 19 (Reuters) - Major stock markets in the Gulf put in a mixed performance in early trade on Tuesday, amid volatile oil prices and as investors awaited outcome of the U.S. Federal Reserve's meeting.

The Fed is widely expected to hold rates steady on Wednesday, with the market's attention on policymakers’ updated economic and interest rate projections and comments from Chair Jerome Powell.

Most Gulf currencies are pegged to the dollar, and any monetary policy change in the U.S. is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.

The Qatari benchmark index .QSI was up 0.3%, supported by gains in almost all sectors with Qatar Navigation QNNC.QA rising 1.5% and Dukhan Bank DUBK.QA gaining 1.7%.

In Abu Dhabi, the benchmark stock index .FTFADGI inched up 0.1%, helped by a 0.9% gain in Multiply Group MULTIPLY.AD and 0.6% rise in First Abu Dhabi Bank FAB.AD, the UAE's largest lender.

Dubai's benchmark stock index .DFMGI was down 0.1%, with blue-chip developer Emaar Properties EMAR.DU slipping 0.6% and Tecom Group TECOM.DU falling 1.1%.

Saudi Arabia's benchmark stock index .TASI retreated 0.1%, weighed down by losses in industry, materials, real estate and finance.

Saudi National Bank 1180.SE, the kingdom's largest lender, dropped 0.9% while Al Rajhi Bank 1120.SE, the world's largest Islamic lender, shed 0.4%.

However, Leejam Sports Co 1830.SE surged 7.1%, the sharpest intraday gain in more than four months. The operator of fitness centers in the MENA region reported a nearly 23% rise in fourth quarter net profit.

Oil price - a catalyst for the Gulf's financial markets - dipped on Tuesday after reaching four-month highs in the previous session, with Brent LCOc1 trading at $86.79 a barrel by 0753 GMT. O/R

(Reporting by Md Manzer Hussain; Editing by Mrigank Dhaniwala)

((MdManzer.Hussain@thomsonreuters.com;))

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