Most stock markets in the Gulf ended lower on Thursday, as the U.S. Federal Reserve signalled it was not close to a dovish pivot, prompting hawkish messages from several emerging market central banks.

Most Gulf states said on Wednesday they would increase key interest rates after the Federal Reserve raised its policy rate by three-quarters of a percentage point for a fourth straight time.

Saudi Arabia and the United Arab Emirates, the region’s two largest economies, both increased rates by 75 basis points. The Saudi central bank, also known as SAMA, lifted its repo and reverse repo rates to 4.5% and 4%, respectively. The UAE raised its base rate to 3.9%, effective Thursday.

Saudi Arabia’s benchmark index dropped 0.8%, hit by a 1.6% fall in Al Rajhi Bank and a 2.1% drop in Riyad Bank.

The index fell 2.3% for the week, its third weekly fall in four.

However, Saudi National Bank (SNB) added 0.9%, extending gains from the previous session.

On Wednesday, SNB’s chairman said the bank’s investment in Credit Suisse is tactical rather than strategic, adding that the Saudi lender expects to hold its stake in the Swiss bank for at least two years.

The kingdom’s largest bank said last week that it would invest up to 1.5 billion Swiss francs ($1.48 billion) in scandal-ridden Credit Suisse Group for an up to 9.9% stake.

Since Oct. 27, SNB market-cap has shed 25.74 billion riyals ($6.85 billion), according Refinitiv Eikon Data.

Dubai’s main share index fell 0.6%, with sharia-compliant lender Dubai Islamic Bank losing 1.4% and Emirates NBD Bank declining 1.5%.

In Abu Dhabi, the index finished 0.5% lower, as traders booked profit following a rally. Slide in oil prices could also pressure the market, said Fadi Reyad, chief market analyst, MENA, at CAPEX.com.

Crude Prices, a key factor for the Gulf’s financial markets, slipped as an increase in U.S. interest rates pushed up the dollar and heightened fears of a global recession that would crimp fuel demand, though losses were capped by concerns over tight supply.

The Qatari index declined 1%, dragged down by banking shares, including Commercial Bank, which fell 1.6%.

HSBC slashed the target price on the lender to 7.1 Qatari riyals from 9 riyals and downgraded its rating to “hold” from “buy”.

Outside the Gulf, Egypt’s blue-chip index rose 0.2%, helped by a 1.2% gain in Commercial International Bank Egypt.

====================================== SAUDI ARABIA    lost 0.8% to 11,439 ABU DHABI       fell 0.5% to 10,382 DUBAI           down 0.6% to 3,330 QATAR           dropped 1% to 12,306 EGYPT           lost 0.2% to 11,262 BAHRAIN         was flat at 1,862 OMAN            added 0.6% to 4,402 KUWAIT          lost 0.2% to 8,241======================================