Sept 2 (Reuters) - Major stock markets in the Gulf fell in early trade on Tuesday as investors awaited U.S. labour data this week that could guide global monetary policy.
A U.S. labor market report on Friday will give a crucial read into the economy's health and test investors' confidence that interest rate cuts are coming soon, a view that has helped lift U.S. equities to record-high levels.
The Fed's stance holds implications for Gulf economies, where most currencies are pegged to the U.S. dollar, making it an anchor for regional monetary stability.
Traders are currently pricing in a 90% chance of a 25-basis-point Fed rate cut on September 17, according to the CME FedWatch tool.
Saudi Arabia's benchmark index dropped 0.5%, hit by a 0.6% fall in Saudi National Bank, the country's biggest lender by assets, and a 1.5% decrease in ACWA Power Company.
Separately, Marketing Home Group Company opened at 93 riyals apiece on its trading debut, up 9.4% from its initial public offering price.
Dubai's main share index retreated 0.8%, weighed down by a 1.8% fall in blue-chip developer Emaar Properties.
In Abu Dhabi, the index eased 0.1%.
Meanwhile, oil prices rose as concerns about supply disruptions grew amid an escalation of the conflict between Russia and Ukraine, and as the market weighed whether upcoming U.S. jobs data would lead to interest rate cuts.
The Qatari index was down 0.3%, with petrochemical maker Industries Qatar losing 0.5%.
Reporting by Ateeq Shariff in Bengaluru, Editing by William Maclean
Source: Reuters