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Nov 14 (Reuters) – Major Gulf stocks retreated in early trade on Monday after a top U.S. central banker warned investors not to get carried away by an inflation data.
Fed Governor Christopher Waller said the Fed may consider a slower pace of rate hikes at its next meeting, but this should not be seen as a “softening” of its fight against inflation Say Sunday.
Most GCC countries, including Saudi Arabia, the United Arab Emirates and Qatar, pegg their currencies to the dollar and generally follow the Fed’s policy moves, leaving the region directly affected by monetary tightening.
Saudi Arabia’s benchmark stock index (.one) Down 1.3%, dragged by a 4.1% drop in Retal Urban Development Co (4322.SE) Al Rajhi Bank fell 1.3% (1120.SE).
Elsewhere, stock exchange operator and owner Saudi Tadawul Group (1111.SE) It fell more than 6%, extending losses from the previous session.
The Saudi Public Investment Fund sold 10 percent of the company in a secondary offering, raising 2.3 billion riyals ($612 million). The fund sold 12 million shares at 191 riyals apiece through an accelerated book-run offering, a 9 percent discount to Thursday’s closing price.
Dubai’s main stock index (.DFMGI) Down 0.4%, hit by a 0.9% drop in blue-chip developer Emaar Properties (Emar. You).
In Abu Dhabi, the index (.FTFADGI) Down 0.3%, partnering with Abu Dhabi First Bank, the country’s largest bank (FAB.AD) 0.5% loss.
Separately, the United Arab Emirates has banned price increases on nine basic staples without prior government approval, state news agency WAM reported.
Qatar Index (.QSI) Down 0.7% as most stocks in the index include petrochemical maker Industries Qatar (IQCD.QA) Trade in negative territory.
(1 USD = 3.7588 Rials)
Reporting by Ateeq Shariff in Bengaluru; Editing by Subhranshu Sahu
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