Major Gulf markets end lower; Egypt gains | Reuters

Major Gulf markets end lower; Egypt gains | Reuters

Major stock markets in the Gulf ended lower on Monday as investors waited for key U.S. inflation data this week, which could provide more clues on the Federal Reserve's monetary policy path.

Markets will monitor U.S. consumer inflation due on Tuesday ahead of the Federal Reserve's policy decision next week.

Most Gulf currencies are pegged to the dollar, and Saudi Arabia, the United Arab Emirates, and Qatar usually mimic any monetary policy change in the United States.

Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.5% after four straight sessions of gains, with most sectors in the red.

Elm Company (7203.SE), opens new tab slumped 7.8%, and Saudi Telecom(7010.SE), opens new tab, the kingdom's largest mobile operator, declined 1.9%.

Among the losers, the oil major Saudi Aramco (2222.SE), opens new tab and Saudi National Bank(1180.SE), opens new tab, the country's largest lender, slipped 0.9% and 0.8%, respectively.

The Qatari benchmark index (.QSI), opens new tab fell 0.4%, dragged down by losses in most sectors with Qatar Electricity and Water (QEWC.QA), opens new tab dropping 6.3% and Gulf International Services (GISS.QA), opens new tab sliding 3.7%.

Dubai's benchmark index (.DFMGI), opens new tab eased 0.1%, weighed down by losses in finance and utilities sectors with the emirate's largest lender, Emirates NBD (ENBD.DU), opens new tab sliding 0.6%, and Dubai Islamic Bank(DISB.DU), opens new tab shedding 0.5%.

In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab dipped slightly to trade flat, with conglomerate Alpha Dhabi (ALPHADHABI.AD), opens new tab and Multiply Group (MULTIPLY.AD), opens new tab falling 0.8% and 0.5%, respectively, while blue-chip developer Aldar Properties (ALDAR.AD), opens new tab gaining 0.7%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up for a third consecutive session and ended 1.4% higher, with Commercial International Bank (COMI.CA), opens new tab surging 8.9% and E-Finance(EFIH.CA), opens new tab shooting up 14%.

The International Monetary Fund (IMF) said last week it would increase its current loan programme with Egypt by $5 billion, as the central bank let the pound plummet and said it would allow the currency to trade freely.