Financial Market

Major Gulf bourses track global shares, oil prices lower

Traders look at the screens at Bahrain Bourse in Manama, Bahrain, February 7, 2018. REUTERS/Hamad I Mohammed

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June 2 (Reuters) – Major Gulf bourses fell in early trade on Thursday, tracking oil prices and global equities lower, with the Dubai index on course to snap four sessions of gains.

The MSCI world equity index (.MIWD00000PUS), which tracks shares in 50 countries, was down 0.81%, on widespread investor concern over high inflation and the threat of recession.

Saudi Arabia’s benchmark index (.TASI) declined 0.5%, weighed down by a 1.2% dip in oil giant Saudi Aramco (2222.SE) and a 4% fall in Saudi Arabian Mining Company (1211.SE).

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Elsewhere, Sahara International Petrochemical Company (2310.SE) slid 1.7% after the firm announced three weeks maintenance turnaround for unit International Acetyl Company.

Crude prices, a key catalyst for the Gulf’s financial market, fell as investors cashed in on a recent rally ahead of a key producers meeting later in the day.

The fall in oil prices gathered pace after the Financial Times reported that Saudi Arabia may be prepared to raise oil production in the event of a sharp drop in Russia’s output.

In Abu Dhabi, the equities (.FTFADGI) lost 0.2% with conglomerate International Holding Company (IHC.AD) slipping 0.4% and the United Arab Emirates’ largest lender First Abu Dhabi Bank falling 0.7%.

Dubai’s main share index (.DFMGI) eased 0.1%, weighed down by a 1% decrease in Sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 0.8% drop in Emirates Integrated Telecommunications (DU.DU).

The Qatari index (.QSI) dropped 0.2%, hit by a 1% fall in petrochemical maker Industries Qatar (IQCD.QA).

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Reporting by Mohd Edrees in Bengaluru; Editing by Shailesh Kuber

Our Standards: The Thomson Reuters Trust Principles.

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