MUSCAT : Gulf markets opened the week on a strong note as investors welcomed synchronized rate cuts across the region. The Saudi benchmark index jumped 1.2% to 10,781 points, extending its winning streak to three sessions. Gains were led by utilities and technology, with Arab Internet and Communications Services surging 5.4% and Saudi Aramco rising 1.5%. MBC Group shares soared 10% after its unit, Istidama Holding, sold its entire stake to Saudi Arabia’s Public Investment Fund.

In Abu Dhabi, the index climbed 0.6% to 10,009 points, lifted by consumer staples and energy stocks. ADNOC companies led the charge, with ADNOC Drilling up 4.4%, ADNOC Distribution gaining 1.3%, and ADNOC Logistics and Services advancing 2.5%. Newly listed Orascom Construction saw a near 12% jump.

Dubai’s main index closed down 0.2% at 5,979 points, logging its third straight session of losses. A broad decline hit key sectors, with Dubai Commercial Bank tumbling 3.7% and DEWA slipping 0.7%.

Elsewhere, Qatar’s index rose 0.7% to 11,308 points, notching a third day of gains on the back of financial stocks. Qatar National Bank added 1.4% and Qatar Islamic Bank gained 1.7%. The Qatari and UAE central banks also cut rates in line with the Fed.

Looking ahead, the Central Bank of the UAE revised its 2025 growth forecast upward to 4.9% from 4.4%, citing higher oil production and strong non-oil sector performance.