Mideast Stocks: Major Gulf markets mixed in early trade on odds of Fed rate hike

Mideast Stocks: Major Gulf markets mixed in early trade on odds of Fed rate hike

Most stock markets in the Gulf were mixed in early trade on Monday after U.S. jobs data pointed to a tight labour market, firming up expectations that the U.S. Federal Reserve will raise interest rates at its meeting next month.

Saudi Arabia's benchmark index dropped 0.3%, weighed down by a 0.8% fall in Retal Urban Development Co SJSC and a 0.7% decrease in Al Rajhi Banking & Investment Corp SJSC .

A historically low U.S. unemployment rate and rising wages will likely keep the Fed on track to raise rates by a quarter of a percentage point next month, as risks of a financial crisis ease while concerns about inflation remain high.

Most Gulf currencies are pegged to the U.S. dollar, and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States.

Dubai's main share index eased 0.1%, hit by a 1.1% decline in top lender Emirates NBD.

In Abu Dhabi, the index added 0.3%, with Emirates Telecommunications Group rising 0.7%.

The telecom firm has agreed to take a 50.3% stake in a super app managed by Careem, Uber Technologies Inc's Middle East subsidiary, in a transaction valued at $400 million, the company said in a filing on