Most Gulf stock markets were down in early trade on Wednesday, as investors weighed chances that the U.S. Federal Reserve could delay cutting interest rates, while the Saudi index rose.
Recent solid U.S. economic reports have raised doubts about whether the Fed could deliver the three rate cuts outlined in its latest forecast.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Dubai's benchmark stock index (.DFMGI), opens new tab was down 0.2%, dragged down by a 0.5% dip in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 4.2% drop in Commercial Bank of Dubai(CBD.DU), opens new tab.
The Qatari benchmark index (.QSI), opens new tab fell 0.2%, weighed down by losses in most sectors, with Commercial Bank (COMB.QA), opens new tab slipping 3% and Qatar National Bank(QNBK.QA), opens new tab, the region's largest lender, shedding 0.4%.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was little changed with Aldar Properties (ALDAR.AD), opens new tab falling 0.7% and conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab losing 0.3%, while Presight (PRESIGHT.AD), opens new tab rose 6.2% and ADNOC Drilling (ADNOCDRILL.AD), opens new tab gained 0.8%.
Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.6%, supported by gains in almost all sectors with Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, rising 0.9% and Saudi National Bank (1180.SE), opens new tab, the kingdom's biggest lender, climbing 1.1%.
Among other gainers, Middle East Pharmaceutical (4016.SE), opens new tab and Saudi Telecom(7010.SE), opens new tab, the country's largest mobile operator, added 2.9% and 1%, respectively.
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