Mideast Stocks: Most Gulf markets in red on hawkish Fed; Dubai gains

Mideast Stocks: Most Gulf markets in red on hawkish Fed; Dubai gains

Most stock markets in the Gulf closed lower on Thursday, mirroring global shares, after the U.S. Federal Reserve maintained its hawkish stance. Most Gulf Cooperation Council (GCC) 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. In Abu Dhabi, the index fell 0.2%, hit by a 0.3% fall in conglomerate International Holding. The Abu Dhabi bourse came under pressure after the gains it recorded last month, said Farah Mourad, senior market analyst at XTB MENA. "However, potential improvements in oil markets could provide some support and help the market move to the upside over the short term." The Qatari index ended 0.3% lower, as most of its constituents were in the negative territory including Qatar Gas Transport Co, which was down 3%. Saudi Arabia's benchmark index reversed early losses to finish 0.1% higher, helped by a 0.9% rise in Dr Sulaiman Al-Habib Medical Services. Prices of oil, which fuels growth in Gulf economies, were little changed as the market digested tighter crude supply, alongside fears of global economic slowdown.