Saudi, Qatar bourses rise in early trade, oil weighs on other markets - Reuters

June 7 (Reuters) - Stock markets in Saudi Arabia and Qatar rose in early trade on Wednesday ahead of a widely expected interest rate hike pause by the U.S. Federal Reserve, although other major markets were subdued on falling oil prices.

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

Saudi Arabia's benchmark index (.TASI) gained 0.4%, on course to extend gains for a fourth straight session, with Alinma Bank SJSC (1150.SE) rising 2.6% and telecoms firm Etihad Etisalat Company SJSC (7020.SE) jumping 3.1%.

However, oil behemoth Saudi Aramco (2222.SE) lost 0.5%.

The kingdom's pledge to deepen output cuts is unlikely to underpin a sustainable price increase into the high $80s to low $90s, Citi said in a note on Tuesday, even as other brokerages signalled a bigger deficit in the second half of the year.

In Qatar, the benchmark (.QSI) added 0.3%, with Ooredoo QPSC (ORDS.QA) advancing 1.9% and Qatar Electricity and Water Company QPSC (QEWC.QA) trading 2% higher.

Dubai's main share index (.DFMGI) eased 0.1%, hit by a 1.5% fall in utility firm Dubai Electricity and Water Authority PJSC (DEWAA.DU) losing 1.5%.

The Abu Dhabi index (.FTFADGI) was down 0.1%.

Oil - a key catalyst for the Gulf's financial markets - extended losses as concerns over global economic headwinds deepened, erasing the gains booked after top crude exporter Saudi Arabia's surprise weekend pledge to deepen output cuts.

Reporting by Ateeq Shariff in Bengaluru; Editing by Sonia Cheema

Our Standards: The Thomson Reuters Trust Principles.

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Saudi, Qatar bourses rise in early trade, oil weighs on other markets - Reuters
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