NEW YORK: Most stock markets in the Gulf ended lower on Thursday after Wall Street snapped a long winning streak that had been driven by rate-cut expectations and the US Federal Reserve’s dovish tilt.
US stocks closed lower on Wednesday after an abrupt mid-afternoon nosedive ended Wall Street’s impressive rally.
Most Gulf Cooperation Council countries, including the UAE, have their currencies pegged to the US dollar and follow the Fed’s policy moves closely, exposing the region to the direct impact of monetary tightening in the world’s largest economy.
Saudi Arabia’s benchmark index dropped 0.7%, weighed down by a 3.1% decline in auto rental firm Lumi and a 0.3% decrease in oil behemoth Saudi Aramco.
However, the Saudi index posted a fourth weekly gain, adding 0.7%.
Dubai’s main share index fell 0.2%, hit by a 1.7% fall in top lender Emirates NBD.
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