MidEast Shares Muted As FOMC Remains Focus
Middle East stock trading was lackluster as investors awaited the conclusion on Wednesday of the Federal Open Market Committee meeting on Wednesday.
After MidEast markets closed, the FOMC surprised markets and announced no change in its bond-buying program. Economists had expected a small $10 billion to $15 billion tapering, and it was thought that MidEast markets would withstand a Fed tapering pretty well.
Kuwaiti shares hit a three-week high ahead of Q3 earnings season later this month. Results are expected to be better than estimates.
Dubai's main index slipped 0.3% to 2,609 points, Abu Dhabi eased 0.3% to 3,768 points, Egypt shed 0.6% to 5,516 points, Saudi Arabia eased 0.4% to 7,998 points, Qatar firmed 0.3% to 9,833 points, Kuwait jumped 1.2% to 7,810 points, Oman edged up 0.2% to 6,582 points and Bahrain added 0.08% to 1,193 points.