MIDEAST STOCKS-Gulf Stocks steady, Fed outlook keeps mood subdued

By Amna Mariyam

Sept 22 (Reuters) - Gulf stock markets were little changed in early trade on Monday, as investors weighed regional interest rate cuts following the U.S. Federal Reserve's moves, while uncertainty over the Fed's future policy direction tempered sentiment. The Federal Reserve trimmed its benchmark rate by a quarter percentage point on Wednesday in response to a softening labour market but signalled a measured approach to further monetary policy easing, leaving markets uncertain about the pace of future cuts. Subsequently, the central banks of Saudi Arabia, the United Arab Emirates and Qatar each slashed rates by 25 basis points. Saudi Arabia's benchmark stock index .TASI retreated 0.1%, on course to snap a four-day winning streak. Real estate led the decline, with Umm Al Qura Development 4325.SE sliding nearly 2%, while Al Rajhi Bank 1120.SE, the world's largest Islamic lender, dropped 0.2% ahead of its ex-dividend date. Oil behemoth Saudi Aramco 2222.SE fell 0.4%, putting it on track for its first loss after six consecutive sessions of gains. Dubai's main share index .DFMGI was flat, as utilities and banking shares pulled the index in opposite directions. Emirates NBD Bank ENBD.DU dropped 0.6%, while Dubai Electricity and Water Authority DEWAA.DU advanced 1.1%. Emaar Properties EMAR.DU advanced 0.7%, consolidating two days of gains after the developer scrapped plans to sell any stake in its Indian subsidiary and said it was exploring potential joint ventures with major Indian companies, including the Adani Group. Abu Dhabi's index .FTFADGI edged up 0.1%, supported by gains in stocks linked to state-owned energy major ADNOC. ADNOC Gas rose 0.6% signing a $513 million contract with a subsidiary of China Petroleum Engineering 600339.SS. ADNOC Drilling and Borouge both gained nearly 1%. Newly listed Orascom Construction ORAS.AD surged 5.3%, extending gains from the previous two sessions. Separately, U.S. chip giant Nvidia NVDA.O and Abu Dhabi's Technology Innovation Institute (TII) announced the launch of a joint research lab in the UAE to develop next-generation AI models and robotics platforms. Qatar's stock index.QSI was little changed, though gains in the telecom sector offered some support. Ooredoo ORDS.QA rose 1% after the company sold a 6% stake in IT services firm Meeza MEZA.QA to funds managed by Fiera Capital (UK) Limited, reducing its holding to 4%.