Oct 02 (Reuters) - Most major stock markets in the Gulf rose in early trade on Thursday after a U.S. labour market report bolstered bets for Federal Reserve interest rate cuts.
The U.S. government made it a near certainty that crucial monthly payrolls data won't be released on Friday, but overnight the private ADP employment report showed the economy unexpectedly shed jobs in September, with the prior month also revised to a decline.
Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
Saudi Arabia's benchmark index gained 0.2%, helped by a 0.9% rise in oil behemoth Saudi Aramco and an 8% increase in Saudi Telecom Company.
The kingdom's Capital Market Authority called for a public consultation on opening its main stock market to all categories of non-resident foreign investors and enabling them to directly invest in it, the regulator said on Wednesday.
Oil prices - a catalyst for the Gulf's financial markets - rose following losses in the previous three sessions as the potential for tighter sanctions on Russian crude lent some support, though concerns about oversupply in the market capped gains.
Dubai's main share index added 0.2%, with blue-chip developer Emaar Properties rising 1.1%.
In Abu Dhabi, the index rose 0.4%.
The Qatari index, however, fell 0.4%, hit by a 1.1% fall in Qatar Islamic Bank.
Reporting by Ateeq Shariff in Bengaluru; Editing by Hugh Lawson
Source: Reuters