Mideast Stocks: Major Gulf bourses fall in early trade, Qatar rises

Mideast Stocks: Major Gulf bourses fall in early trade, Qatar rises

Most stock markets in the Gulf fell on Tuesday, as caution set in a day ahead of U.S. Federal Reserve Chair Jerome Powell's congressional testimony. Powell is scheduled to deliver congressional testimony on monetary policy on Wednesday and Thursday. Traders are pricing in a nearly 75% chance of a 25-basis points rate hike by the Fed at its July meeting after a pause in June. Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar. Saudi Arabia's benchmark stock index declined 0.4%, with all sectors trading in negative territory. Riyad Bank fell 1.1% and Banque Saudi Fransi slid 1.8%. Al Rajhi Bank, the world's largest Islamic bank by assets, lost 1%. Dubai's benchmark stock index dropped 0.3%, weighed down by losses in the finance and utilities sectors. Emaar Properties fell 1.5% and Dubai Islamic Bank shed 0.7%. The emirate's largest lender, Emirates NBD, slipped 1.3%. In Abu Dhabi, the benchmark stock index lost 0.3%, weighed down by a 1.3% loss in Abu Dhabi Islamic Bank and 2% drop in Abu Dhabi Ship Building. The United Arab Emirates' biggest lender, First Abu