Feb 22 (Reuters) - Gulf stock markets fell on Wednesday in early trade, amid a decline in oil prices as investors kept their eyes peeled for the minutes of a U.S. Federal Reserve meeting that is likely to shed light on the central bank's next interest rate hike.
Brent crude futures for April delivery fell 30 cents to $82.75 a barrel by 0721 GMT.
Investors will be closely watching as the Fed is slated to release the minutes of its latest meeting on Wednesday, which will give a glimpse of how high officials are projecting interest rates to rise after recent data showed stronger-than-expected U.S. employment and consumer prices.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by Fed policy decisions as most regional currencies are pegged to the U.S. dollar, exposing the region to a direct impact from any monetary tightening by the central bank.
The Qatari Stock index (.QSI) fell 0.7%, dragged down by losses in financials, with the Gulf's largest lender, Qatar National Bank (QNBK.QA), and Sharia-compliant lender, Masraf Al Rayan (MARK.QA), dropping 1.3% and 1.4%, respectively.
Among other stocks, Qatar Insurance (QINS.QA), the biggest insurer in the Gulf, plunged nearly 5% after it swung to a loss of 648.1 million riyals ($177.56 million) in fiscal year 2022.
Dubai's benchmark stock index (.DFMGI) dropped 0.4%, pressured by a 0.9% fall in blue-chip developer Emaar Properties (EMAR.DU) and a 2.5% slide in TECOM Group (TECOM.DU).
In Abu Dhabi, the benchmark stock index (.FTFADGI) also opened down 0.4%, dragged down by a 0.1% drop in conglomerate International holding Company (IHC.AD) and a 2.2% decline in Abu Dhabi Islamic Bank (ADIB.AD).
Stock markets in Saudi Arabia were closed on the occasion of Saudi Founding day and are likely to resume trading on Thursday.
($1 = 3.6500 Qatar riyals)
