Jan 10 (Reuters) – Most major Gulf stock markets fell on Tuesday as investors looked to lock in recent gains, mirroring global stock markets as they waited for the Federal Reserve’s rate hike plans to gauge the impact on estimate the economy and fuel demand.
Federal Reserve policymakers say new inflation data to be released later this week will help them decide whether to slow the pace of rate hikes to just a quarter-point rise at their upcoming meeting, rather than the bigger jumps which they used for most of 2022.
Oil prices, a key catalyst for Gulf financial markets, were steady on Tuesday, with March Brent futures up 15 cents, or 0.19%, to $79.80 a barrel by 1036 GMT.
Daniel Takieddine, CEO of MENA at BDSwiss, said GCC stock markets faced increased pressure ahead of the Federal Reserve Chairman’s speech and as energy prices saw more volatility.
The Saudi Arabian benchmark index (.TASI) slid 0.1%, led by a 0.8% decline in Al Rajhi Bank (1120.SE) and a plunge in the largest lender Saudi National Bank (1180.SE). 1.2% pressurized.
Dubai’s main stock index (.DFMGI) slipped 0.3% on the back of a more than 1% decline in blue-chip developer Emaar Properties (EMAR.DU) and a fall in Sharia-compliant lender Dubai Islamic Bank ( DISB.DU) was hit by 0.7%.
The Qatari Benchmark Index (.QSI) also fell 0.1%, pressured by a 1.2% decline at its largest lender Qatar National Bank (QNBK.QA).
The Abu Dhabi Stock Index (.FTFADGI) gained 0.3%, ending four straight session losses, led by a 3.4% rise in telecom company e& formerly known as Emirates Telecommunications and a nearly 2% rise in Borouge (BOROUGE.AD) after securing two new share deals worth 55 million dirhams ($14.98 million).
Outside the Gulf, Egypt’s blue chip index (.EGX30) fell 3.6%, its biggest drop in more than 6 months, ending a seven-day winning streak as nearly all of its stocks were in negative territory, including Commercial International Bank (COMI .CA), which declined 6.2%.
According to Takieddine, the market saw lower volumes as pressure on the local currency continued to mount and inflation was higher than expected
($1 = 3.6726 UAE Dirham)
Reporting by Shamsuddin Mohd in Bengaluru; Edited by Chizu Nomiyama
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