Most stock markets in the Gulf ended lower on Monday as investors awaited a crucial U.S. inflation reading and comments from Federal Reserve officials this week.
Dubai's benchmark stock index .DFMGI retreated after the previous session's gains, slipping 0.3%. Business park operator Tecom Group TECOM.DU dropped 2.2%, and Dubai Islamic Bank DISB.DU slid 1.7%.
Spinneys 1961 Holding SPINNEYS.DU climbed 3.6% after the grocery retailer opened a store in Saudi Arabia and expected to open 12 more by 2028.
Saudi Arabia's benchmark stock index .TASI was down 0.3% after the previous session's gains, with most sectors in the red. ACWA Power 2082.SE declined 3.6% and Dr Sulaiman Al Habib Medical Services 4013.SE slipped 3.1%.
The Abu Dhabi benchmark index .FTFADGI was up 0.1%, with Multiply Group MULTIPLY.AD rising 4.1% and First Abu Dhabi BankFAB.AD, the UAE's largest lender, climbing 1.4%.
Among other gainers, ADNOC Distribution ADNOCDIST.AD and ADNOC Logistics ADNOCLS.AD added 0.6% and 1.2%, respectively.
Their owner, energy giant Abu Dhabi National Oil Co (ADNOC), and German chemicals firm Covestro 1COV.DE have entered into concrete negotiations on a potential takeover deal worth 11.7 billion euros.
The Qatari benchmark index .QSI was up 0.6%, extending its gains for a fifteenth session, the longest rally in a year.
Qatar National Bank QNBK.QA, the region's largest lender, added 0.8% and Qatari telecoms group Ooredo ORDS.QA advanced 1.4%.
Nvidia NVDA.O has signed a deal to deploy its artificial intelligence technology at data centres owned by Ooredoo in five Middle Eastern countries.
In the U.S., the personal consumption expenditures (PCE) price index was due on Friday. A low result would likely reinforce market bets on a Fed rate cut as early as September, which futures currently price as a 65% prospect.
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.
Outside the Gulf, Egypt's blue-chip index .EGX30 snapped a five-session winning streak to fall 0.6%, with most sectors posting losses.
Telecom Egypt ETEL.CA slid 6.6% and El Sewedy Electric SWDY.CA dropped 1.2%. GB Corp GBCO.CA and Misr Fertilizers Production MFPC.CA climbed 6.5% and 3.4%, respectively.
The World Bank announced on Monday $700 million of budget support for Egypt, part of a 3-year, $6 billion programme that the bank pledged earlier this year.
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