Major stock markets in the Gulf region fell on Thursday as investors continued to remain cautious in light of falling oil prices and statements from US Federal Reserve Chairman Jerome Powell. Again interest rates.

Crude oil prices fell, a key catalyst for financial markets in the Gulf, with Brent crude oil losing 2.4 percent to record $75.21 a barrel, 13:14 GMT.

Price movements

The main index of the Saudi market was down 0.1 percent, with shares of Al-Inma Bank down 1.5 percent and shares of Almarai Co. down 2.3 percent.

However, shares of First Mills closed up 17.5 percent in its first trading session, after gaining 30 percent during the session.

Also on the Dubai Financial Market, the stock index fell 0.2 percent, with Mashreq Bank shares down 3.5 percent and Air Arabia shares down 2 percent.

Emirates NBD Bank, Dubai’s biggest bank, fell 0.7 percent.

The Abu Dhabi Securities Market Index rose 0.4 percent, extending its gains for a fifth straight session.

Shares in International Holding Company rose 0.5 percent, while its unit Alpha Abu Dhabi Holding rose 10.5 percent, its biggest gain since November.

But First Abu Dhabi Bank, the UAE’s biggest bank, fell 1.5 percent.

Powell told US lawmakers in Washington that expecting two more rate hikes of 25 basis points each is a “pretty good guess” about where the Fed is headed if the economy continues on its current path.

Outside the Gulf, the Egyptian blue-chip index lost three-session waves, with Sidi Gherir Petrochemicals up 1.7 percent and Qala Holdings up 7.2 percent to register a slight gain.

However, shares of Commercial International Bank and E-Finance declined 0.6 percent and 1.5 percent respectively.