Most stock markets in the Gulf ended lower on Monday, with modest trading volumes in the absence of many foreign investors due to the Christmas holidays.
Last week, the MSCI index for EM equities
fell 1% as global risk-taking waned after better-than-expected U.S. economic data on Thursday fanned speculation of more aggressive monetary tightening in the world's largest economy. Most Gulf Cooperation Council countries, including Saudi Arabia, the UAE and Qatar, have their currencies pegged to the dollar, directly exposing the region to Federal Reserve policy moves.
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