Most Gulf bourses gain in early trade

Jan 12 (Reuters) – Most stock markets in the Gulf rose in early trade on Wednesday after U.S. Federal Reserve Chair Jerome Powell sounded less hawkish than expected in his testimony to Congress.

Saudi Arabia’s benchmark index (.TASI) gained 0.4%, led by a 2.1% rise in Saudi Arabian Mining Company (Ma’aden) (1211.SE).

Ma’aden is aiming for carbon neutrality by 2050, said Yasir al-Rumayyan, governor of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund. read more

Crude prices, a key catalyst for the Gulf’s financial markets, steadied after rising in the previous session on expectations that fuel demand will continue to strengthen as the U.S. central bank is likely to raise interest rates more slowly than expected.

Among other gainers, Saudi Aramco (2222.SE) added 0.3%.

The oil behemoth has notified at least five Asian buyers that it will supply full contractual volumes of crude oil in February, same as January, Reuters reported on Tuesday, citing sources with knowledge of the matter. read more

The Qatari index (.QSI) increased 0.5%, with Vodafone Qatar (VFQS.QA) advancing 1.8%, while Qatar National Bank (QNBK.QA) climbed 1.4%, after lender reported a 10% rise in annual net profit driven by loan growth. read more

Powell told a congressional hearing on his confirmation for a second term at the helm of the central bank that the economy could weather the COVID-19 surge and was ready for tighter monetary policy. read more

In Abu Dhabi, the index (.ADI) eased 0.3%, on course to extend losses for a seventh session. It was hit by a 0.9% rise in the country’s largest lender First Abu Dhabi Bank (FAB.AD).

Dana Gas (DANA.AD) rose 1% after the energy firm and its partner Crescent Petroleum achieved 50% gas production growth in Kurdistan Region of Iraq over past 3 years.

Dubai’s main share index (.DFMGI) slipped 0.2%, weighed down by a 1.1% gain in Emirates NBD Bank (ENBD.DU).Reporting by Ateeq Shariff in Bengaluru

This article was originally published by Reuters.