Most Gulf markets ease on falling oil prices
By Ateeq Shariff
July 8 (Reuters) -Most stock markets in the Gulf were subdued in early trade on Monday after a decline in oil prices, although the increased likelihood of a September rate cut in the U.S. capped further losses.
Crude prices - a catalyst for the Gulf's financial markets - slipped as the prospect of a ceasefire deal in Gaza eased geopolitical tensions in the Middle East, while investors assessed potential disruptions to U.S. energy supplies from Tropical Storm Beryl.
Saudi Arabia's benchmark index .TASI lost 0.2%, ledby a 2% fall in aluminum products maker Al Taiseer Group 4143.SE and a 1.4% declinein ACWA Power Co 2082.SE.
Oil giant Saudi Aramco 2222.SE was flat in choppy trade.
The Qatari index .QSI was down 0.1%, with diversified maritime and logistics firm Qatar Navigation QNNC.QA retreating 1.5%.
In Abu Dhabi, the benchmarkindex .FTFADGI declined 0.3%, weighed down by a 0.3% fall in Qatar National Bank QNBK.QA, the country's biggest lender.
Dubai's main share index .DFMGI added 0.2%, helped by a 0.6% rise in top lender Emirates NBD ENBD.DU.
Separately, the number of homes worth $10 million or more that were sold in Dubai held steady in the first-half of the year despite a drop in listings, an industry report showed on Monday, as demand from the international ultra-rich stayed strong.
Meanwhile, a slowdown in U.S. jobs on Friday added further to the case for a September rate cut by the Federal Reserve.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions as most regional currencies are pegged to the U.S. dollar.
U.S. inflation is easing and the job market has returned to the "tight but not overheated" situation seen before the COVID-19 pandemic threw the U.S. economy into disarray, the Fed said on Friday.
Reporting by Ateeq Shariff in Bengaluru; Editing by Sonia Cheema
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