Most stock markets in the Gulf recorded losses in early trading on Wednesday, with investors adopting a cautious approach ahead of the congressional testimony of U.S. Federal Reserve Chair Jerome Powell.
The markets expect a 78% chance of a hike to 5.25-5.5% next month, which could be the end of the monetary policy tightening cycle.
As most Gulf currencies are pegged to the dollar, any monetary policy changes in the United States are usually reflected in Saudi Arabia, the United Arab Emirates, and Qatar.
In Qatar, the benchmark share index fell 0.4%, while in Dubai, the benchmark stock index eased 0.3%, and Saudi Arabia's benchmark stock index slipped 0.1%. However, Abu Dhabi's benchmark stock index was up 0.1%, led by gains in Q Holding and ADNOC Gas.
Additionally, Abu Dhabi National Oil Company has reportedly approached Covestro with a takeover proposal valued at more than 10 billion euros.
