MIDEAST STOCKS-Gulf markets muted as investors brace for US data; Egypt extends gain

By Md Manzer Hussain

Dec 15 (Reuters) - Most Gulf stock markets were subdued on Monday as investors turned cautious ahead of key U.S. economic data that could shape the interest rate outlook.

The upcoming employment, inflation and other indicators are especially critical after a 43-day U.S. federal government shutdown delayed key reports, leaving investors and the Federal Reserve with little certainty.

The Fed last week cut rates by 25 basis points for a third straight meeting but signalled further reductions are unlikely in the near term as it waits for clearer data.

U.S. monetary policy shifts have a significant impact on Gulf markets, where most currencies are pegged to the dollar.

The Qatari benchmark index .QSI fell 0.9%, with all constituents in negative territory. Qatar Islamic Bank QISB.QA slipped 2.4% and Qatar Electricity and Water Co QEWC.QA dropped 1.8%.

Dubai's benchmark stock index .DFMGI edged 0.1% lower, weighed down by a 9.7% slide in Gulf Navigation GNAV.DU and a 0.7% decline in Emirates NBD ENBD.DU, the emirate's largest lender. Ajman Bank AJBNK.DU gained 3.1% after the Ajman government said on Friday it had raised its stake in the bank to 33.1% from 31.1%.

Saudi Arabia's benchmark stock index .TASI ended flat, with Saudi Basic Industries Corp 2010.SE down 1.3% and Riyad Bank 1010.SE off 1.1%. Fawaz Abdulaziz Al Hokair & Co 4240.SE rose 1.6% after the retailer signed a 1.58 billion riyal ($421 million) facilities agreement on Sunday.

The Abu Dhabi benchmark index .FTFADGI was little changed as gains in technology, real estate, healthcare and energy offset losses elsewhere.

Abu Dhabi Commercial Bank ADCB.AD added 1.1%, while Invictus Investment INVI.AD jumped 10.2%, its biggest intraday gain in more than three years, after the diversified trading company said on Friday that International Holding Company IHC.AD had increased its stake to about 40% in a block trade valued at around 420 million dirhams ($114.36 million).

Abu Dhabi Ship Building ADSB.AD declined 1.3% after the shipbuilder's board approved a $1.89 billion deal with EDGE Acquisitions Company to build eight vessels for the Kuwaiti government.

Outside the Gulf, Egypt's blue-chip index .EGX30 rose 0.6% for a second straight session, supported by a 1.4% gain in Commercial International Bank COMI.CA and a 2.8% rise in Palm Hills Developments PHDC.CA which on Sunday signed an agreement with Marriott International to develop a new luxury hotel in Cairo.

($1 = 3.6728 UAE dirham)

($1 = 3.7519 riyals)

(Reporting by Md Manzer Hussain; Editing by Alison Williams)

((mdmanzer.hussain@thomsonreuters.com; +91 8067498453;))