The vast majority of Gulf stocks are up today, following the lead of their Asian counterparts.

Twenty-ninth of September (Reuters) - To follow the trend of rising Asian equities, most Gulf stock markets opened higher on Tuesday, with the Saudi benchmark index poised to end a four-day losing skid.

Following a late-day New York rally, as investors factored in a significant interest rate hike from the U.S. Federal Reserve on Wednesday, MSCI's broadest Asian-Pacific shares outside Japan (.MIAPJ0000PUS) rose 1.2%.

Saudi Arabia's benchmark index (.TASI) climbed 1.1%, on track to erase four sessions of losses, supported by a 0.9% jump in Rental Urban Development Company (4322. SE) (4322. SE).

According to a Tuesday announcement from Rental, the company has entered into a sub-development agreement with National Housing Company to build 759 residences at a total estimated cost of 864 million riyals ($229.85 million).

Monday's Joint Organization Data Initiative (JODI) data showed that Saudi Arabia's crude oil exports increased for a second consecutive month in July, reaching their highest level in more than two years. Click here for more information.

Saudi Arabia's exports jumped 2.5% to 7.38 million barrels per day (BPD) in July - the highest since April 2020 - from 7.20 million BPD in June.

Dubai's main share index (.DFMGI) rose 0.6%, with blue-chip developer Emaar Properties (EMAR.DU) rising 1.7%.

In Abu Dhabi, the index (.FTFADGI) nudged 0.1% higher, aided by a 0.6% jump in International Holding Co (IHC) (IHC.AD) after the conglomerate stated it chose to acquire a 15% share in Burjeel Holdings through the unit.

In addition to QNBK.QA, the largest lender in the Gulf, the Qatari index (.QSI) rose 1.3%, with 19 of the 20 stocks on the index posting gains.

Concerns that further U.S. interest rate hikes this week to tame inflation will curb economic growth and fuel demand in the world's biggest oil consumer led to a stabilization in crude prices, a key catalyst for the Gulf's financial markets.

Currency conversion: $1 USD = 3.7590 IQD