MIDEAST STOCKS-Most markets slip ahead of U.S. Fed meeting | Reuters

MIDEAST STOCKS-Most markets slip ahead of U.S. Fed meeting | Reuters:

"* Gulf economies can withstand higher U.S. rates better than most

* Resumption of IPOs unlikely to dampen UAE markets

* Shrinking turnover suggests Egypt rally may end

* Saudi Arabia slips but holds above 8,000 points

* Government stake sale plan hits Omantel shares

By Nadia Saleem

DUBAI, Sept 17 (Reuters) - Most Gulf share markets declined on Tuesday, as caution ahead of the U.S. central bank meeting that may decide on cutting back monetary stimulus spurred moderate profit-taking after a strong rebound in recent sessions.

Because of its current account and state budget surpluses, the Gulf is more able than most regions to withstand any decision by the U.S. Federal Reserve to reduce stimulus at its meeting this Tuesday and Wednesday.

So Gulf markets are likely to outperform if the Fed announces a stronger-than-expected tightening of policy. Nevertheless, markets had surged over the past few days as the prospect of U.S. military action in Syria receded, so investors were happy to sell some shares on Tuesday."

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