Most stock markets in the Gulf tracked global peers lower in early trading on Thursday, amid uncertainty over interest rate cuts by the Federal Reserve this year following an unexpected improvement in U.S. consumer confidence.
The U.S. Treasury yields touched multi-week highs on Tuesday, after lacklustre debt auctions and stronger-than-expected economic data dimmed hopes for U.S. rate cuts this year.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
The Qatari benchmark index (.QSI), opens new tab slid 0.8%, pressured by a 1.8% drop in Qatar Islamic Bank (QISB.QA), opens new tab and a 1.3% loss in Industries Qatar (IQCD.QA), opens new tab.
Saudi Arabia's benchmark stock index (.TASI), opens new tab dropped 0.9%, with most of its constituents posting losses, led by the utilities, healthcare and communication stocks. ACWA Power (2082.SE), opens new tab slumped 9.5% and Middle East Pharmaceutical (4016.SE), opens new tab dropped 1.4%.
Dubai's benchmark stock index (.DFMGI), opens new tab was little changed with Tecom Group (TECOM.DU), opens new tab slipping 1.1%, while Emirates Central Cooling (EMPOWER.DU), opens new tab advanced 1.4%.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab edged up 0.1%, with conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab rising 2.8% and ADNOC Logistics (ADNOCLS.AD), opens new tab gaining 1.5%.
The energy major ADNOC's logistics unit, ADNOC CLS, and Hanwha Ocean signed a letter of intent on Thursday to construct at least three liquified natural gas (LNG) carriers.
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