dec 5 reuters  most stock markets in the gulf ended lower on monday with the saudi index hitting its lowest in over 18 months as opec kept output steady while traders await the federal reserve meeting next week opec agreed to stick to its oil output targets at a meeting on sunday as the oil markets struggle to assess the impact of a slowing chinese economy on demand and a g7 price cap on russian oil on supply saudi arabias benchmark index tasi tumbled 28 touching its lowest since may 2021 dragged down by a 38 fall in al rajhi bank 1120se and a 18 decrease in retal urban development co 4322se the saudi bourse declined as concerns around oil markets and the global economy continue to affect traders expectations fadi reyad chief market analyst at capexcom said however the market could find some support as the local economy continues to see a strong performance saudi arabias nonoil business activity expanded at the fastest rate in seven years in november supported by a sharp rise in new orders and continued confidence in the growth outlook a survey showed on monday on wednesday fed chair jerome powell said the us central bank could scale back the pace of its rate hikes as soon as december but cautioned the fight against inflation was far from over policymakers meet on dec 13 and 14 most gulf cooperation council countries gcc have their currencies pegged to the dollar and generally follow the feds policy moves exposing the region to a direct impact from any monetary tightening by the fed dubais main share index dfmgi added 08 extending gains for a second session with bluechip developer emaar properties emardu rising 18 outside the gulf egypts bluechip index egx30 advanced 18 with commercial international bank comica jumping 39 according to reyad the egyptian market continued to see a surge with local investors maintaining high buying volumes reporting by ateeq shariff in bengaluru editing by angus macswan