Mideast Stocks: Most Gulf bourses fall as hawkish Fed hurts mood

Mideast Stocks: Most Gulf bourses fall as hawkish Fed hurts mood

Most stock markets in the Gulf ended lower on Thursday as hawkish signals on interest rate hikes by the U.S. Federal Reserve dampened sentiment.

The Fed left rates unchanged on Wednesday, but indicated that they could rise by at least half a percentage point this year. Currencies in most Gulf Cooperation Council countries are pegged to the dollar and any monetary policy change in the U.S. is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.

Saudi Arabia's benchmark index fell 0.2%, dragged down by losses in most sectors, with Riyad Bank dropping 1.8% and oil major Saudi Aramco shedding 0.8%. Among the losers, Arab National Bank lost 2.2% and Saudi Dairy and Foodstuff slid 5.5%.

In Qatar, the benchmark fell 0.2%, snapping gains across two consecutive sessions, with heavyweights Commercial Bank PSQC and Qatar International Islamic Bank sliding 2.3% and 1.8%, respectively. The region's largest lender Qatar National Bank lost 0.5%.

In Abu Dhabi, the index declined 0.1%, snapping gains made in the previous session, weighed by a 2.3% drop in ADNOC Gas and a 1.2% decline in blue-chip developer Aldar Properties.

Dubai's benchmark index continued a two-week winning streak and ended 0.5% higher. The index was supported by gains in industry