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Major Gulf markets end lower; Egypt gains

1 min

Major stock markets in the Gulf ended lower on Monday as investors waited for key U.S. inflation data this week, which could provide more clues on the Federal Reserve's monetary policy path.

Most Gulf currencies are pegged to the dollar, and Saudi Arabia, the United Arab Emirates, and Qatar usually mimic any monetary policy change in the United States © Mena Today 

Major stock markets in the Gulf ended lower on Monday as investors waited for key U.S. inflation data this week, which could provide more clues on the Federal Reserve's monetary policy path.

Markets will monitor U.S. consumer inflation due on Tuesday ahead of the Federal Reserve's policy decision next week.

Most Gulf currencies are pegged to the dollar, and Saudi Arabia, the United Arab Emirates, and Qatar usually mimic any monetary policy change in the United States.

Outside the Gulf, Egypt's blue-chip index  was up for a third consecutive session and ended 1.4% higher, with Commercial International Bank surging 8.9% and E-Finance shooting up 14%.

The International Monetary Fund (IMF) said last week it would increase its current loan programme with Egypt by $5 billion, as the central bank let the pound plummet and said it would allow the currency to trade freely.

By Md Manzer Hussain

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