Mideast Stocks: Most Gulf markets retreat on profit-taking, Fed rate outlook

Mideast Stocks: Most Gulf markets retreat on profit-taking, Fed rate outlook

Most major Gulf stock markets retreated on Tuesday as investors moved to secure recent gains, mirroring global equity markets as they awaited the Federal Reserve's plans for rate hikes to gauge the impact on the economy and fuel demand.

Federal Reserve policymakers say fresh inflation data out later this week will help them decide whether they can slow the pace of interest rate hikes at their upcoming meeting, to just a quarter point increase instead of the larger jumps they used for most of 2022.

Oil prices, a key catalyst for the Gulf's financial markets, were stable on Tuesday, with Brent futures for March were up 15 cents, or 0.19%, to $79.80 a barrel by 1036 GMT.

Daniel Takieddine, CEO MENA at BDSwiss, said GCC stock markets were experiencing increased pressures before the Federal Reserve chair's speech and as energy prices recorded more volatility.

Saudi Arabia's benchmark index slipped 0.1%, pressured by a 0.8% decline in Al Rajhi Bank and a 1.2% slump in its largest lender Saudi National Bank.

Dubai's main share index retreated 0.3%, hit by a more than 1% decline in blue-chip developer Emaar Properties and 0.7% decrease in Sharia-compliant lender Dubai Islamic Bank.

The benchmark Qatari index also fell 0.1%, pressured by