Most stock markets in the Gulf ended lower on Tuesday, with investors focusing on macroeconomic data that could indicate whether interest rates will rise further in the United States.
The U.S. Consumer Price Index (CPI) data, due on Wednesday, is expected to rise 0.6% month-on-month for August, likely taking the year-on-year rate to 3.6%, according to a Wells Fargo research note.
The Federal Reserve is widely expected to leave interest rates unchanged at a policy meeting next week, though views are split over whether the central bank will hike or pause again in November.
Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia’s benchmark index dropped 0.7%, with oil behemoth Saudi Aramco losing 1.5% and Dr Sulaiman Al-Habib Medical Services falling 1.3%.
Dubai’s main share index fell 0.2%, weighed down by a 0.9% fall in toll operator Salik Company.
The Qatari index eased 0.2%, snapping five sessions of gains, hit by a 1% fall in Qatar Islamic Bank.
In Abu Dhabi, the index, however, bucked the trend to close 0.4% higher.
Oil prices rose about 1%, boosted by a tighter supply outlook, and as producer group OPEC said major economies were faring better than expected despite rising interest rates.
Outside the Gulf, Egypt’s blue-chip index finished 0.7% lower.
Egypt’s annual urban consumer price inflation rate surged to a higher-than-expected record 37.4% in August from 36.5% in July, data from the country’s statistics agency CAPMAS showed on Sunday.
========================================= SAUDI ARABIA fell 0.7% to 11,156 ABU DHABI rose 0.4% to 9,749 DUBAI down 0.2% to 4,061 QATAR dropped 0.2% to 10,386 EGYPT lost 0.7% to 19,144 BAHRAIN slipped 0.2% to 1,934 OMAN eased 0.1% to 4,696 KUWAIT down 0.2% to 7,687 =========================================
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