Business
Most Gulf markets end lower on US rate cut uncertainty
Most Gulf markets end lower on US rate cut uncertainty
About this update from Al Rajhi Bank
By Ateeq Shariff Most stock markets in the Gulf ended lower on Sunday pressured by lingering doubts over whether the U.S. Federal Reserve will deliver an additional interest rate cut before the end of the year.U.S. monetary policy shifts have a significant impact on Gulf markets, where most currencies are pegged to the dollar. Saudi Arabia's benchmark index TADAWUL:TASI declined 1%, dragged down by a 2.5% fall in Al Rajhi Bank TADAWUL:1120 and a 1% retreat in oil behemoth Saudi Aramco TADAWUL:2222.In Qatar, the index QSE:GNRI fell 0.2%, hit by a 0.5% fall in petrochemical maker Industries Qatar QSE:IQCD and a 0.3% decrease in Qatar Islamic Bank QSE:QIBK.Among other fallers, Mesaieed Petrochemical Holding QSE:MPHC declined 1.8%, following a slide in nine-month net profit.Outside the Gulf, Egypt's blue-chip index EGX:EGX30 dropped 0.5%, with Commercial International Bank EGX:COMI losing 1.4%.Saudi ArabiaTADAWUL:TASI declined 1% to 11,536QatarQSE:GNRI fell 0.2% to 10,930EgyptEGX:EGX30 lost 0.5% to 38,083BahrainBAHRAIN:BHBX added 0.5% to 2,074Oman (.MSX30) gained 0.4% to 5,634Kuwait(.BKP) eased 0.1% to 9,560