Most stock markets in the Gulf ended higher on Thursday as second-quarter earnings picked up, while optimism over U.S. interest rate cuts also cheered investor sentiment.

Investors are fully pricing in a 25-basis-point rate cut in September after Federal Reserve officials said on Wednesday the U.S. central bank was "closer" to cutting interest rates, as inflation has been easing close to its 2% target.

Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index <.TASI> reversed early losses to close 0.3% higher, with Al Rajhi Bank <1120.SE> rising 0.8% and the country's biggest lender Saudi National Bank <1180.SE> increasing 1.6%.
The kingdom's crude oil exports rose in May, after slipping in April from a nine-month high hit in March, data from the Joint Organizations Data Initiative showed on Wednesday.

Dubai's main share index <.DFMGI> advanced 0.9%, led by a 1.7% rise in top lender Emirates NBD <ENBD.DU>, after reporting a 13% rise in second-quarter net profit beating analyst estimates.

In Abu Dhabi, the index <.FTFADGI> gained 0.6%.

Post trading hours, Abu Dhabi Commercial Bank <ADCB.AD> - which was suspended for trading - posted a 20% rise in second-quarter profit on Thursday, beating analysts' forecasts helped by higher net interest income and non-interest income.

Separately, Abu Dhabi National Hotels <ADNH.AD> is considering an initial public offering for its catering business, ADNH catering, the company said in an undated statement on its website.

The Qatari benchmark <.QSI> declined 1.2%, as most of its constituents were in the negative territory, including utility firm Qatar Electricity and Water Company <QEWC.QA> which was down 2%.

Outside the Gulf, Egypt's blue-chip index <.EGX30> advanced 1.1%, with El Sewedy Electric Co <SWDY.CA> rising 5.3%.

SAUDI ARABIA

<.TASI> rose 0.3% to 12,188

ABU DHABI

<.FTFADGI> up 0.6% to 9,226

DUBAI

<.DFMGI> gained 0.9% to 4,169

QATAR

<.QSI> dropped 1.2% to 10,034

EGYPT

<.EGX30> rose 1.1% to 28,654

BAHRAIN

<.BAX> eased 0.3% to 1,979

OMAN

<.MSX30> added 0.1% to 4,697

KUWAIT

<.BKP> down 0.3% to 1,979

(Reporting by Ateeq Shariff in Bengaluru; Editing by Krishna Chandra Eluri)