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
Several top energy executives were dropped from the schedule of the WPC Energy Congress in Riyadh, as Saudi authorities pressed ahead with the event despite deadly attacks on the capital claimed by Yemen's Iran-aligned Houthis.
The organisers of two major Saudi energy and investment conferences said their events will go ahead this month and reassured visitors on security, after missile attacks on Riyadh's airport left four people dead and an airliner heavily damaged this week.
Several global and regional hotel groups are looking to enter or expand in Syria, senior executives told Reuters, betting that its rich history and coastal destinations will attract overseas tourists as well as Syrians who have long lived abroad.
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