Mideast Stocks: Most Gulf markets open lower on weak oil prices, rate-hike bets

Mideast Stocks: Most Gulf markets open lower on weak oil prices, rate-hike bets

Most major Gulf markets opened lower on Monday, tracking Asian peers and weaker oil prices, as fears of further rate hikes by the U.S. Federal Reserve dampened investors' risk appetite.

Investors are braced for more challenging U.S. data including the closely watched ISM measures of manufacturing and services, the latter being especially important following January's startling spike in activity.

There are also at least six Federal Reserve policymakers on the speaking diary this week, and they will be closely followed for comments on the likelihood of further rate hikes.

Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror monetary policy changes in the United States.

Brent crude futures were down 48 cents, or 0.6%, at $82.68 a barrel at 0733 GMT.

Saudi Arabia's benchmark stock index fell 0.2%, extending losses to a seventh consecutive session. Healthcare and financial stocks weighed on the index, with Al Rajhi Bank shedding 0.4%, while Dr Sulaiman Al-Habib Medical losing 0.9%.

Saudi Tadawul Group fell 1.7%, extending losses from the previous session after reporting a 27% slump in annual profit and a reduction in the annual dividend proposal.

Fertilizer maker SABIC Agri-Nutrients Company gained 2.2% after reporting a 92% jump in annual net profit at 10.04 billion riyals ($2.68 billion).

The Qatari Stock index eased 0.1%, dragged down by losses in financial stocks.

Qatar Islamic Bank and heavyweights Qatar Commercial Bank dropped 1.4% and 0.7% respectively.

Qatar Fuel was also down 0.9%.

In Abu Dhabi, the benchmark index opened down 0.1%, led by a 1.7% decline in Abu Dhabi Islamic Bank and a 2.7% dive in food and beverages firm Agthia Group .

Bucking the trend, Dubai's benchmark index rose 0.4%, lifted by gains in property and banking shares. Blue-chip developer Emaar Properties climbed 1.7% and Emirates NBD Bank advanced 0.8%.

Real estate developer Deyaar Development declined more than 1.7% after board said it will seek shareholders' nod on not to distribute any dividend for the fiscal year 2022.