Major Gulf markets fall on US rate concerns

Major stock markets in the Gulf fell in early trade on Thursday amid concerns about the Federal Reserve's interest rate path, with the Qatari index on course to post second weekly loss, reports Reuters.
Hawkish rhetoric by the Fed and signs of resilience in the world's largest economy have raised expectations that rates in the US may rise further.
Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Saudi Arabia's benchmark index dropped 0.5 per cent, weighed down by a 0.7 per cent fall in oil giant Saudi Aramco and a 3.1 per cent drop in Arabian Internet and Communications Services.