Most stock markets in the Gulf region declined today, Monday, as investors continued to exercise caution ahead of the release of the Federal Reserve's (U.S. central bank) minutes from its last meeting. The Federal Reserve is expected to release the minutes from November tomorrow, Tuesday, which will be analyzed for indications regarding the path of U.S. interest rates. Monetary policy in the six Gulf Cooperation Council countries is typically guided by the Federal Reserve's decisions, as most currencies in the region are pegged to the dollar.
The Qatari index fell by 0.6% to end a series of three consecutive sessions of gains, affected by a 1.4% drop in the shares of Industries Qatar and a 1.6% decline in Commercial Bank shares. The shares of Qatar National Bank, the largest bank in the region, decreased by 1.1%.
The Saudi index dropped by 0.2% to end a four-day streak of gains due to a 0.9% decline in Saudi Aramco shares and a 1.6% decrease in shares of Alinma Bank. The Abu Dhabi index remained stable at closing, with the shares of Abu Dhabi National Oil Company for Distribution rising by 1.9% and Commercial Bank of Abu Dhabi shares increasing by 1.2%.
