Most stock markets in the Gulf were down in early trade on Monday, tracking Asian peers lower ahead of US inflation data later this week.

Saudi Arabia’s benchmark stock index fell 0.4%, dragged down by losses in most sectors, with real estate company Jabal Omar Development falling 5.3% and Riyad Bank down 2.4%.

Al Rajhi Bank fell 1.4% as the world’s largest Islamic lender was trading ex-dividend.

The Qatari benchmark index retreated 0.4%, weighed down by losses in most stocks, including Gulf International Services, which fell 1.6%, and a 0.6% decline in the region’s largest lender Qatar National Bank.

In Abu Dhabi, the benchmark stock index eased 0.1%, with Abu Dhabi National Oil Co for Distribution down 1.0% and conglomerate International Holding Co shedding 0.1%.

Dubai’s benchmark stock index rose 0.3%, lifted by gains in industry, finance and communication services sectors.

UAE markets gain on possibility of Gaza ceasefire

Toll-road operator Salik Co gained 1.4% and Mashreqbank was up 4.7%.

However, the emirate’s largest lender Emirates NBD lost 0.9%.

The main data event of the week will be US core personal consumption expenditure (PCE) price index on Friday which is seen rising 0.3% in February, keeping the annual pace at 2.8%.

Anything higher would be taken as a setback to hopes for a Federal Reserve rate cut in June.

Most Gulf currencies are pegged to the dollar.