Most Gulf stock markets rise after Fed rate cut and upbeat earnings; Saudi dips

Major Gulf market indices advanced on Thursday following the Federal Reserve’s rate cut and stronger-than-expected local corporate earnings, while Saudi Arabia’s benchmark fell 0.8%. The Abu Dhabi index gained 0.5% on robust results from its banks, and Dubai’s index rose 0.3% as Emirates NBD and telecom firm Ooredoo posted profit increases of ~11–30%. The rally was underpinned by the U.S.–China trade détente and optimism about petro-dollar-linked flows, though caution remains amid global policy uncertainty and pegged-currency vulnerabilities.