Most stock markets in the Gulf ended lower on Sunday pressured by lingering doubts over whether the U.S. Federal Reserve will deliver an additional interest rate cut before the end of the year.
Federal Reserve Bank of Cleveland President Beth Hammack said on Friday she had opposed
The Fed interest rates on Wednesday, but hawkish remarks from Chair Jerome Powell mean markets are now pricing a 63% chance for a 25-basis-point cut at the December meeting, down from almost 92% a week ago, according to the CME's FedWatch Tool.
U.S. monetary policy shifts have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
Saudi Arabia's benchmark index (.TASI), opens new tab declined 1%, dragged down by a 2.5% fall in Al Rajhi Bank (1120.SE), opens new tab and a 1% retreat in oil behemoth Saudi Aramco (2222.SE), opens new tab.
In Qatar, the index (.QSI), opens new tab fell 0.2%, hit by a 0.5% fall in petrochemical maker Industries Qatar (IQCD.QA), opens new tab and a 0.3% decrease in Qatar Islamic Bank (QISB.QA), opens new tab.
Among other fallers, Mesaieed Petrochemical Holding (MPHC.QA), opens new tab declined 1.8%, following a slide in nine-month net profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab dropped 0.5%, with Commercial International Bank (COMI.CA), opens new tab losing 1.4%.
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