Mideast Stocks: Gulf Bourses Trade Lower Ahead of Key Fed Speech

Most Gulf equities were down in early trade on Wednesday as investors braced for what U.S. Federal Reserve chair Jerome Powell will say about the path of interest rates at a key conference later in the week.

Powell's speech at the annual Jackson Hole symposium on Friday is the main focus, with traders watching for any push-back against market pricing of a rate cut next month.

Shifts in U.S. monetary policy have a significant impact on Gulf markets, where most currencies are pegged to the dollar.

The Qatari benchmark index slipped 0.6%, dragged by declines in most shares. Qatar National Bank, the region's largest lender, eased 1% and Qatar Navigation fell 1.6%.

Saudi Arabia's benchmark stock index fell 0.2%, with most constituents lower. Saudi Basic Industries lost 2.9% and oil major Saudi Aramco declined 1.1%.

Dubai's benchmark stock index was down 0.2% with most sectors in red. Emirates Central Cooling Systems fell 1.2%, while Emirates NBD dropped 1.3%. Its largest lender ENBD issued a 1 billion renminbi ($139 million) three-year Dim Sum bond on Tuesday at par to yield 2.4%, fixed income news service IFR reported.

The Abu Dhabi benchmark index eked out a 0.1% gain, lifted by a 2.7% rise in Multiply Group and a 0.8% advance in blue-chip developer Aldar Properties . Conglomerate Alpha Dhabi and ADNOC Logistics slipped 1% and 0.9% respectively.