DUBAI, May 19 (Reuters) - Gulf stock markets may retreat moderately on Thursday in response to a pull-back of oil prices and speculation about a U.S. interest rate hike as soon as in June, which has dragged down global bourses.
Trading turnover has shrunk in several Gulf markets over the past couple of weeks - it dropped by about 40 percent in Saudi Arabia on Wednesday - which suggests investors are losing their appetite to push stocks higher for now.
This mood may be reinforced by Brent crude oil's drop to just above $48.00 per barrel in the past 24 hours from around $49.50, and by a hawkish signal from U.S. Federal Reserve minutes released on Wednesday.
The prospect of higher U.S. interest rates has pulled emerging Asian stock markets down about 1 percent on Thursday morning, and is negative for rate-sensitive stocks in the Gulf such as real estate firms.
(Reporting by Andrew Torchia) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
Trading turnover has shrunk in several Gulf markets over the past couple of weeks - it dropped by about 40 percent in Saudi Arabia on Wednesday - which suggests investors are losing their appetite to push stocks higher for now.
This mood may be reinforced by Brent crude oil's
The prospect of higher U.S. interest rates has pulled emerging Asian stock markets
(Reporting by Andrew Torchia) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))