Most Gulf bourses fall in early trade; #Saudi gains | Reuters

Most Gulf bourses fall in early trade; Saudi gains | Reuters

Most stock markets in the Gulf eased in early trade on Wednesday as investors worldwide awaited the U.S. Federal Reserve's plan to wind down asset purchases and start raising interest rates.

The Fed's decision will set the tone for the central banks of the European Union, the UK and Japan when they meet this week, and add to pressure for further tightening in emerging markets. read more

In Abu Dhabi, the index (.ADI) lost 0.3%, hit by a 0.5% drop in the United Arab Emirates' largest lender, First Abu Dhabi Bank (FAB.AD).

Oil prices, a key catalyst for the Gulf's financial markets, fell for a third straight day on growing expectations that supply growth will outpace demand growth next year, even though the Omicron coronavirus variant is not expected to curb mobility as sharply as earlier COVID-19 variants.

Dubai's main share index (.DFMGI) declined 0.5%, on course to end ten sessions of gains, weighed down by a 1.4% fall in Emirates NBD Bank (ENBD.DU).

Among other losers, budget airline Air Arabia (AIRA.DU) retreated 1.3%.

The Qatari index (.QSI)inched down 0.2%, pressured by a 0.6% fall in the Gulf's largest lender, Qatar National Bank (QNBK.QA).

Saudi Arabia's benchmark index (.TASI) bucked the trend to trade 0.3% higher, with Al Rajhi Bank (1120.SE) rising 0.3% and petrochemical maker Saudi Basic Industries Corp (2010.SE)adding 0.9%.

The kingdom's economy grew 7% in the third quarter from a year earlier, official data showed on Tuesday. read more

The largest Arab economy was hit hard last year by the twin shocks of the COVID-19 pandemic and record-low oil prices, but it rebounded this year amid easing coronavirus restrictions, higher oil prices and production hikes.