Most stock markets in the Gulf slipped on Wednesday as investors turned cautious after strong readings on the U.S. economy tempered bets on interest rate cuts by the Federal Reserve this year.
Investors' focus is now on Federal Reserve Chair Jerome Powell's speech and March private payrolls and services sector data later in the day to get more clues on the rate outlook.
Most Gulf currencies are pegged to the dollar, and Saudi Arabia, the United Arab Emirates, and Qatar usually mimic any U.S. monetary policy change.
The Qatari benchmark index (.QSI), opens new tab dropped 1.1% and closed at 9,691.9, the lowest in five months, with most stocks posting losses, led by finance and communications.
Qatar Islamic Bank (QISB.QA), opens new tab and Qatar National Bank(QNBK.QA), opens new tab, the region's largest lender, declined 1.4% and 1.8%, respectively, while Ooredoo (ORDS.QA), opens new tab slid 4.6%.
Dubai's benchmark index (.DFMGI), opens new tab fell 0.7% after four straight sessions of gains, with tolls operator Salik Company (SALIK.DU), opens new tab decreasing 1.9% and Commercial Bank of Dubai (CBD.DU), opens new tab dropping 5.3%.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab retreated 0.5%, weighed down by a 1.8% drop in conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab and 1.9% slide in First Abu Dhabi Bank(FAB.AD), opens new tab, the UAE's largest lender, while Abu Dhabi Commercial Bank (ADCB.AD), opens new tab and Aldar Properties (ALDAR.AD), opens new tab lost 1.7% and 2%, respectively.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was up for a third straight session and advanced 1.2%, the highest intraday rise in three months, with most sectors in the green.
Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, rose 2.7% and Saudi National Bank(1180.SE), opens new tab, the kingdom's largest lender, climbed 2%.
Among other gainers, the chemical manufacturer Saudi Basic Industries (2010.SE), opens new tab and Middle East Pharmaceutical Industries (4016.SE), opens new tab gained 3.7% and 5.2%, respectively.
Elsewhere, strong demand helped drive non-oil business activity in Saudi Arabia in March, with output accelerating to a six-month high, a survey showed on Wednesday.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was little changed with Eastern Company (EAST.CA), opens new tab falling 3.4% and Misr Fertilizers Production (MFPC.CA), opens new tab sliding 4.9%, while El Sewedy Electric(SWDY.CA), opens new tab rose 6.4% and Talaat Mostafa (TMGH.CA), opens new tab gained 0.9%.
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