PARIS - Stock markets in the Gulf were volatile on Wednesday, with the Saudi index ending three sessions 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 (TASI) dropped 0.2%, with Dr Sulaiman Al-Habib Medical Services losing 1.6%.
Dubai's main share index (DFMGI) eased 0.2%, after hitting its highest since 2015, dragged by a 2.2% fall in top lender Emirates NBD.
In Abu Dhabi, the index gained 0.4%.
Prices of oil, a key catalyst for the Gulf's financial markets, were little changed as concerns over the global economy countered supply cuts announced this week by top crude exporters Saudi Arabia and Russia.
Comments