News - Middle East: Major stock markets in the Gulf declined in early trade on Monday, in line with global equities and oil prices as concerns over slowing economic growth and shrinking fuel demand weighed on investor sentiment.

MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.4%, while Tokyo's Nikkei fell 0.7%.

Dubai's main share index declined 2%, dragged down by a 3% slide in blue-chip developer Emaar properties and a 2.1% fall in Sharia lender Dubai Islamic Bank.

In Abu Dhabi, equities dropped 1.4%, pressured by a 1.3% fall in First Abu Dhabi Bank, the United Arab Emirates' largest lender, and a 5.3% decline in investment firm Multiply Group.

The Qatari index fell 0.9%, hit by a 3.6% decline in petrochemical maker Industries Qatar.
Saudi Arabia's benchmark index slipped 0.2%, wiping out gains for the year with oil giant Saudi Aramco retreating 0.4%, while Riyad Bank eased 0.2%.
In Oman, the index edged up 0.1%, supported by a 1.6% jump in HSBC Oman Bank.

Source: Reuters

#Economy #Dubai #Saudi_Arabia #Gulf #Qatar #Oman About 2 years