Stock markets in the Gulf ended higher on Tuesday as investors brushed aside worries about the U.S Federal Reserve interest rate trajectory and volatile oil prices, although the Qatar index fell with a tepid performance across most sectors.

Dubai's benchmark stock index <.DFMGI> gained 0.4% after a loss the previous session, with most sectors in the green.

Dubai Islamic Bank <DISB.DU> gained 2.1% and Emaar Properties <EMAR.DU> climbed 3%. Blue-chip developer Emaar and Dubai World Trade Centre have established a joint venture to develop Expo Living, a new urban community spanning 451,295 square metres in Dubai.

The Abu Dhabi benchmark index <.FTFADGI> also rose 0.4% with conglomerate International Holding <IHC.AD> adding 1% and Phoenix Group <PHX.AD> gaining 1.5%.

Crypto mining and blockchain firm Phoenix said its founders were planning to purchase its shares on the open market.

Saudi Arabia's benchmark stock index <.TASI> was up for a third consecutive session ending 0.4% higher with Al Rajhi Bank <1120.SE>, the world's largest Islamic lender, rising 2% and Saudi Electricity Co <5110.SE> (SEC) gaining 1.6%.

SEC, the kingdom's electric transmission monopoly, and a consortium of ACWA Power and Korea Electric Power Corp signed power purchase agreements worth 15 billion riyals ($4 billion) with the Saudi Power Procurement Company.

"GCC markets demonstrated remarkable resilience despite negative performances in oil markets and geopolitical tensions," said Joseph Dahrieh, managing principal at Tickmill.

"Although these challenges have triggered some market volatility."

The Qatari benchmark index <.QSI> dropped 0.3%, weighed down by losses in almost all sectors with Qatar National Bank <QNBK.QA>, the region's largest lender, falling 0.4% and Ooredoo <ORDS.QA> losing 1.8%.

However, Al Mahhar Holding <MHAR.QA> gained 1.1% after its shareholders approved its transfer to the main market.

Outside the Gulf, Egypt's blue-chip index <.EGX30> fell for a third session, ending 0.6% lower. Commercial International Bank <COMI.CA> shed 0.8% and EFG Holding <HRHO.CA> slid 2.5%.

Meanwhile, EFG unit EFG Hermes said its private equity arm has launched a $300 million Saudi Education Fund in Saudi Arabia.

 

SAUDI ARABIA

<.TASI> up 0.4% to 11,876

KUWAIT

<.BKP> rose 0.3% to 7,875

QATAR

<.QSI> was down 0.3% to 10,425

EGYPT

<.EGX30> lost 0.6% to 30,688

BAHRAIN

<.BAX> up 0.2% to 2,050

OMAN

<.MSX30> lost 0.2% to 4,609

ABU DHABI

<.FTFADGI> up 0.4% to 9,426

DUBAI

<.DFMGI> gained 0.4% to 4,732

 

(Reporting by Md Manzer Hussain; editing by Jason Neely)