Saudi, Dubai Lead Major Gulf Stocks Lower Ahead of Fed Rate Decision

Dow Jones00:36

1236 ET - Major Gulf exchanges trade lower as investors await the U.S. Federal Reserve's policy decision. Expectations of a potential Federal Reserve rate hike weigh on Gulf markets, while weakness in the Asian technology sector weighs on broader risk sentiment, says Chiro Ghosh, Head of Research at Bahrain-based SICO Bank. Brent crude prices continue to ease amid hopes of improving regional stability, though constrained flows through the Strait of Hormuz, which could limit oil-export revenues, continue to weigh on Gulf governments' spending plans, he says. Saudi Arabia's Tadawul All Share Index and the Dubai Financial Market General Index each fall 0.9%, while Qatar's QE Index loses 0.6% and Abu Dhabi's benchmark index slips 0.1%.

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