Feb 27 (Reuters) - Most major Gulf markets opened lower
on Monday, tracking Asian peers and weaker oil prices, as fears
of further rate hikes by the U.S. Federal Reserve dampened
investors' risk appetite.
Investors are braced for more challenging U.S. data
including the closely watched ISM measures of manufacturing and
services, the latter being especially important following
January's startling spike in activity.
There are also at least six Federal Reserve policymakers on
the speaking diary this week, and they will be closely followed
for comments on the likelihood of further rate hikes.
Most Gulf currencies are pegged to the U.S. dollar, while
Saudi Arabia, the United Arab Emirates and Qatar usually mirror
monetary policy changes in the United States.
Brent crude futures were down 48 cents, or 0.6%, at
$82.68 a barrel at 0733 GMT.
Saudi Arabia's benchmark stock index fell 0.2%,
extending losses to a seventh consecutive session. Healthcare
and financial stocks weighed on the index, with Al Rajhi Bank shedding 0.4%, while Dr Sulaiman Al-Habib Medical losing 0.9%.
Saudi Tadawul Group fell 1.7%, extending losses
from the previous session after reporting a 27% slump in annual
profit and a reduction in the annual dividend proposal.
Fertilizer maker SABIC Agri-Nutrients Company gained 2.2% after reporting a 92% jump in annual net profit at
10.04 billion riyals ($2.68 billion).
The Qatari Stock index eased 0.1%, dragged down by
losses in financial stocks.
Qatar Islamic Bank and heavyweights Qatar
Commercial Bank dropped 1.4% and 0.7% respectively.
Qatar Fuel was also down 0.9%.
In Abu Dhabi, the benchmark index opened down
0.1%, led by a 1.7% decline in Abu Dhabi Islamic Bank and a 2.7% dive in food and beverages firm Agthia Group .
Bucking the trend, Dubai's benchmark index rose
0.4%, lifted by gains in property and banking shares. Blue-chip
developer Emaar Properties climbed 1.7% and Emirates
NBD Bank advanced 0.8%.
Real estate developer Deyaar Development declined
more than 1.7% after board said it will seek shareholders' nod
on not to distribute any dividend for the fiscal year 2022.
($1 = 3.7519 riyals)
(Reporting by Shamsuddin Mohd in Bengaluru; editing by Eileen
Soreng)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.