Mideast Stocks: Most Gulf markets fall, Abu Dhabi ends higher

Mideast Stocks: Most Gulf markets fall, Abu Dhabi ends higher

Most Gulf stock markets closed lower on Monday,tracking global peers, as looming interest rate hikes by major central banks including the U.S. Federal Reserve weigh on investor sentiments, while Abu Dhabi bucked the trend.

Investors expect the Fed will raise rates by 25 basis points on Wednesday, and any deviation from that script would be a real shock.

Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes.

The benchmark index in Saudi Arabia lost 0.3%, ending its seven sessions of gains. The index was weighed down by losses in financial and material sector stocks, with Al Rajhi Bank falling 0.4% and Riyad Bank dropping 1.9%. Among other stocks, Saudi National Bank and Saudi Basic Industries fell 2.% and 0.6% respectively.

In Abu Dhabi, the index ended 0.7% higher after tumbling more than 3% to hit a six-month low. The index was lifted by a 4.2% gain in integrated utility firm Abu Dhabi National Energy and a 5.2% rise in telecoms provider Emirates Telecommunications. While conglomerate International Holding Company recovered its early losses and ended flat, its subsidiaries Alpha Dhabi Holding and Multiply Group recouped only partially, closing lower 2.9%