Mideast Stocks: Saudi bourse ends three sessions of gains; Abu Dhabi rises

Mideast Stocks: Saudi bourse ends three sessions of gains; Abu Dhabi rises

Stock markets in the Gulf were volatile on Wednesday, with the Saudi index ending three session of gains as investors awaited minutes of the U.S. Federal Reserve's latest meeting for clues on the rate outlook. Most Gulf Cooperation Council countries, including Saudi Arabia, the United Arab Emirates and Qatar, have their currencies pegged to the U.S. dollar and follow the Fed's policy moves closely, exposing the region to a direct impact from monetary tightening in the world's largest economy. Saudi Arabia's benchmark index dropped 0.2%, with Dr Sulaiman Al-Habib Medical Services losing 1.6%. Dubai's main share index eased 0.2%, after hitting its highest since 2015, dragged by a 2.2% fall in top lender Emirates NBD. The Dubai bourse came under pressure after the surge of the last two days as investors moved to secure their gains, said Daniel Takieddine, CEO MENA at BDSwiss. "While price corrections could continue to a certain extent, the strong and improving non-oil sector could support sentiment and prices toward new highs." Business activity in the UAE's non-oil sector expanded in June as new orders rose at the fastest pace in four years, according to a survey published on Wednesday. The seasonally adjusted S&P Global UAE