Most Gulf equities end lower ahead of Powell's Jackson Hole speech

By Md Manzer Hussain

Aug 20 (Reuters) - Most Gulf stocks fell on Wednesday in tandem with weaker global share markets, as investors wait for signals on the U.S. interest rate outlook from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium later this week.

When Powell gives his speech on Friday traders will be watching closely for any pushback against expectations for a rate cut next month. U.S. monetary policy strongly influences Gulf markets, where most currencies are pegged to the dollar.

The Qatari benchmark index .QSI fell for a fourth straight session, closing down 1.6% as profit-taking persisted after last week's earnings-fuelled rally. All constituents declined, including Qatar Islamic Bank QISB.QA, down 2.9%, and Qatar National Bank QNBK.QA, off 1.5%.

"The market in Qatar is awaiting the FTSE Global Equity Index quarterly review this week, which could influence trading activity," said Osama Al Saifi, managing director for MENA at Traze.com.

FTSE Global Equity Index is considered a key benchmark among global institutional investors.

Dubai's benchmark stock index .DFMGI dropped 0.5% after four sessions of gains, with most sectors lower. Blue-chip developer Emaar Properties EMAR.DU lost 1%, and Emirates NBD ENBD.DU fell 1.3%. The emirate's largest lender ENBD issued a 1 billion renminbi ($139 million) three-year Dim Sum bond at par to yield 2.4%, IFR reported.

"The index continues to linger near multi-year highs, with its next direction uncertain. A correction remains possible if the market fails to find new support," said Al Saifi.

The Abu Dhabi benchmark index .FTFADGI eased 0.1%, weighed down by a 0.9% drop in Abu Dhabi Islamic Bank ADIB.AD and a 2% fall in ADNOC Drilling ADNOCDRILL.AD.

Saudi Arabia's benchmark stock index .TASI was little changed, as gains in finance and consumer discretionary shares outweighed losses elsewhere. Al Rajhi Bank 1120.SE added 0.9% and Arab National Bank 1080.SE advanced 2.4% while Saudi Basic Industries 2010.SE and ACWA Power 2082.SE dropped 2.6% and 1.2% respectively.

Outside the Gulf, Egypt's blue-chip index .EGX30 slid 1% with almost all of its constituents in red. Commercial International Bank COMI.CA retreated 1.5% and Juhayna Food JUFO.CA dropped 5.2%.

(Reporting by Md Manzer Hussain;Editing by Helen Popper)

((mdmanzer.hussain@thomsonreuters.com; +91 8067498453;))