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 fell 0.7%, dragged down by losses in financials, with the Gulf's largest lender, Qatar National Bank , and Sharia-compliant lender, Masraf Al Rayan , dropping 1.3% and 1.4%, respectively.
Among other stocks, Qatar Insurance , 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 dropped 0.4%, pressured by a 0.9% fall in blue-chip developer Emaar Properties and a 2.5% slide in TECOM Group . In Abu Dhabi, the benchmark stock index also opened down 0.4%, dragged down by a 0.1% drop in conglomerate International holding Company and a 2.2% decline in Abu Dhabi Islamic Bank . 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) (Reporting by Shamsuddin Mohd in Bengaluru; Editing by Sonia Cheema)
