Most Gulf markets fall, Dubai scores

Most Gulf stock markets dropped on Monday as investors remained cautious ahead of the release of notes from the U.S. Federal Reserve’s latest meeting.

The Fed is expected to issue minutes of its November meeting on Tuesday, which will be analysed for clues on the direction of U.S. interest rates.

Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually directed by the decisions of the U.S. Federal Reserve, as most regional currencies are fixed to the dollar.

The Qatari index fell by 0.6 percent, shattering three straight sessions of gains, weighed down by a 1.4 percent drop in Industries Qatar and a 1.6 percent drop in Commercial Bank. The region’s largest lender Qatar National Bank slumped 1.1 percent.

Saudi Arabia’s benchmark index withdrew by 0.2 percent, ending a four-day winning streak, with oil major Saudi Aramco sliding by 0.9 percent and Elm Company down 1.6 percent.

In Abu Dhabi, the benchmark index ended unchanged, with Abu Dhabi National Oil Company for Distribution rising by 1.9 percent and Abu Dhabi Commercial Bank gaining 1.2 percent. However, the conglomerate Alpha Dhabi and Aldar Properties lost 1.6 and 0.4 percent, respectively.

Dubai’s benchmark index was up for a third consecutive session, ending 0.2 percent higher, driven by a 0.7 percent rise in developer Emaar Properties and a 1.1 percent earning in Dubai Islamic Bank.

SAUDI ARABIA fell by 0.2 percent to 11,119.

KUWAIT lost by 0.4 percent to 7,263.

QATAR dropped by 0.6 percent to 10,181.

BAHRAIN added by 0.1 percent to 1,945.

OMAN was down by 0.2 percent to 4,614.

ABU DHABI ended flat at 9,575.

DUBAI was up by 0.2 percent to 4,002.