Most Gulf markets open lower on weak oil prices

Most major Gulf markets opened lower on Monday, tracking Asian peers and weaker oil prices, as fears of further rate hikes by the US Federal Reserve dampened investors' risk appetite.

Investors are braced for more challenging US data including the closely watched ISM measures of manufacturing and services, the latter being especially important following January's startling spike in activity.

There are also at least six Federal Reserve policymakers on the speaking diary this week, and they will be closely followed for comments on the likelihood of further rate hikes, reported Reuters.

Most Gulf currencies are pegged to the US dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror monetary policy changes in the United States. Brent crude futures were down 48 cents, or 0.6%, at $82.68 a barrel at 0733 GMT.

Saudi Arabia's benchmark stock index (.TASI) fell 0.2%, extending losses to a seventh consecutive session. Healthcare and financial stocks weighed on the index, with Al Rajhi Bank (1120.SE) shedding 0.4%, while Dr Sulaiman Al-Habib Medical (4013.SE) losing 0.9%.