Most stock markets in the Gulf fell in early trade on Monday, with modest trading volumes in absence of many foreign investors for the Christmas holidays.

Saudi Arabia’s benchmark inex eased 0.1%, hit by a 0.6% fall in Retal Urban Development Co and a 1.1% decline in the kingdom’s biggest lender Saudi National Bank.

However, Yanbu National Petrochemicals Company gained 0.8% after it proposed half-yearly dividend of 1.25 riyal.

In Abu Dhabi, the index dropped 0.5%, on course to extend losses for a fourth session, hit by a 1.6% slide in the United Arab Emirates’ largest lender First Abu Dhabi Bank.

Saudi ends higher on oil prices; most Gulf markets in red

Last week, the MSCI index for EM equities fell 1%, its second week of declines as global risk-taking waned after better-than-expected U.S. economic data on Thursday fanned fears of aggressive monetary policy tightening in the world’s largest economy.

Most Gulf Cooperation Council countries, including Saudi Arabia, the UAE and Qatar, have their currencies pegged to the U.S. dollar and follow the Fed’s policy moves closely, directly exposing the region to monetary tightening in the world’s largest economy.

The benchmark index in Qatar - among the world’s top exporters of liquefied natural gas - dropped 0.9%, as most of the stocks on the index were in negative territory including Qatar Islamic Bank, which was down 1.5%.

Dubai’s main share index, however, rose 0.5%, helped by a 1.3% rise in sharia-compliant lender Dubai Islamic Bank.