Stock markets in the Gulf ended mixed on Monday amid weak oil prices and ahead of U.S. economic data and comments from Federal Reserve officials this week.
In Qatar, the index (.QSI), opens new tab fell 0.2%, hit by a 1.1% fall in Qatar Gas Transport Nakilat (QGTS.QA), opens new tab and a 0.4% decreased in petrochemical maker Industries Qatar (IQCD.QA), opens new tab.
Oil prices - a catalyst for the Gulf's financial markets - fell, after China's stimulus plan disappointed investors hoping to see growth in demand for fuel from the world's No. 2 oil consumer, and as the U.S. dollar edged higher.
Looking ahead, there were also concerns that U.S. oil and gas output could rise under the new Trump administration, although analysts say 2025's production forecast is unlikely to change.
Saudi Arabia's benchmark index (.TASI), opens new tab recovered early losses to finish flat. The Abu Dhabi index (.FTFADGI), opens new tab eased 0.1%.
Several Fed officials, including Chair Jerome Powell, are scheduled to speak this week, when U.S. consumer and producer price index data, weekly jobless claims and retail sales figures are also due.
Traders see a 65% chance of another 25-basis-point Fed rate cut in December and a 35% chance of no change, according to the CME Fedwatch tool.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by decisions of the Fed, as most regional currencies are pegged to the U.S. dollar.
Dubai's main share index (.DFMGI), opens new tab added 0.3%, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab advancing 1.3% ahead of its earnings announcement.
Separately, Talabat, the Middle East business of Delivery Hero (DHER.DE), opens new tab, will list on the Dubai Stock Exchange in mid-December, floating 15% of its issued shares, its German parent said on Sunday.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.7%, with Telecom Egypt (ETEL.CA), opens new tab jumping 6.7%, after the firm signed several service agreements with Vodafone Egypt for infrastructure services.