MidEast Shares Mostly Firm, Rates Raised in Line with Fed's Hike

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Middle East shares mostly firmed. UAE's central bank and Gulf counterparts generally followed the Federal Reserve's move on Wednesday to raise rates. However, volume was slowed due to the Eid holiday.

On Wednesday, the Federal Open Market Committee decided to raised the Fed Funds target range by a quarter of a percentage point, to between 1.75% and 2%.

The UAE also announced overnight another round of initiatives to stimulate economic growth, which included a relaxation of its visa regime for foreigners entering the country.

Saudi Arabia and Oman were closed. Dubai's main index eased 0.4% to 3,038 points, Abu Dhabi jumped 1.8% to 4,715 points, Qatar firmed 0.2% to 9,098 points, Kuwait added 0.3% to 4,823 points, Bahrain gained 0.9% to 1,307 points and Egypt edged up 0.3% to 16,221 points.

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