Major Gulf markets little changed ahead of Fed decision | Reuters

Major Gulf markets little changed ahead of Fed decision | Reuters

Major stock markets in the Gulf were little changed in early trade on Wednesday ahead of the U.S. Federal Reserve's interest rate decision.

Investors are awaiting a raft of central bank interest rate decisions this week to assess the outlook for economic growth and fuel demand.

The U.S. central bank is widely expected to keep interest rates on hold, but the focus will be on its projected policy path.

The six-member Gulf Cooperation Council's monetary policy is usually guided by the Fed's decision as most regional currencies are pegged to the U.S. dollar.

Saudi Arabia's benchmark index (.TASI) edged 0.1% lower, hit by a 2.8% fall in Dar Al Arkan Real Estate Development (4300.SE) and a 0.2% decrease in oil giant Saudi Aramco (2222.SE).

Separately, the kingdom welcomed positive results from discussions to reach a road map supporting the peace process in Yemen, Saudi Arabia's foreign ministry said in a statement, after Houthi negotiators' talks with the Saudis in Riyadh.

In Abu Dhabi, the index (.FTFADGI) added 0.1%.

Oil prices - which fuel the Gulf's economy - fell nearly $1, with investors uncertain when peak rates will be hit and how much of an impact it will have on energy demand.

Prices fell despite a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output that indicated tight crude supply for the rest of 2023.

The Qatari benchmark (.QSI) rose 0.1%, helped by a 0.7% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA).