Mideast Stocks: Gulf shares muted on tariff uncertainty, Fed rate cut in focus
The Abu Dhabi benchmark index fell 0.2%, dragged down by a 1.4% drop in RAK Properties and a 0.4% dip in Aldar Properties.
The emirate's blue-chip developer Aldar has acquired warehousing and industrial real estate assets in the Al Dhafra region of Abu Dhabi from Waha Capital for 530 million dirhams, it said on Tuesday.
Dubai's benchmark stock index was down 0.3%. Union Properties slipped 1.8% and Emirates NBD, the emirate's largest lender, lost 0.9%.
The Qatari benchmark index dropped 0.3% with Qatar Gas Transport sliding 1.6% and Qatar National Bank , the region's largest lender, shedding 0.3%.
Saudi Arabia's benchmark stock index inched down 0.1%. National Shipping Company dropped 3.7% and Saudi Arabian Mining Company slipped 1%.
Saudi Arabia's flagship mining company Ma'aden said it had completed the acquisition of the entire stake owned by AWA Saudi in MBAC and Alcoa Saudi in Maaden Aluminium Company.
However, Saudi oilfield services firm Arabian Drilling advanced 5.5% after the driller said it has secured 1.37 billion riyals ($365.33 mln) in contract extensions for four rigs with Saudi Aramco.
U.S. Federal Reserve Chair Jerome Powell on Tuesday reiterated the U.S. central bank's plans to "wait and learn more" before lowering interest rates.
Market expectations for a July cut inched up to 21.2% from 18.6% in the prior session, according to CME's FedWatch Tool.
The Fed's decisions have a significant impact on the Gulf region's monetary policy, as most currencies there are pegged to the U.S. dollar.
(Reporting by Md Manzer Hussain; Editing by Saad Sayeed)
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