MIDEAST STOCKS- #Dubai bourse leads most of Gulf lower | Nasdaq

MIDEAST STOCKS-Dubai bourse leads most of Gulf lower | Nasdaq

Stock markets in Dubai and Qatar ended lower on Thursday, hit by blue-chip shares trading ex-dividend, while the Saudi index retreated ahead of an OPEC+ meet.

Saudi Arabia's benchmark index .TASI lost 0.7%, with Al Rajhi Bank 1120.SE falling 0.8% and Saudi Telecom Company 7010.SE down 2.7%.

OPEC, Russia and other oil producers meet on Thursday to decide whether to keep April output steady or increase it as they weigh a recent price rally against uncertainty about the economic recovery.

With oil above $60 a barrel, some analysts have predicted that the OPEC+ group of producers will increase output by about 500,000 barrels per day (bpd) and also expect Saudi Arabia to partially or fully end its voluntary reduction of 1 million bpd.

Dubai's main share index .DFMGI dropped 0.8%, with its largest lender Emirates NBD ENBD.DU losing 2.2%, as it traded ex-dividend.

Among others, blue-chip developer Emaar Properties EMAR.DU retreated 1.4%, a day after registering sharp gains.

On Tuesday, Emaar said it was buying out minority shareholders of its shopping centre unit, less than a decade after floating shares in the company.

In Abu Dhabi, the index .ADI eased 0.1%, hit by a 1% fall in Emirates Telecommunications Group ETISALAT.AD.

Elsewhere, the Qatari index .QSI fell 0.4%, dragged down by a 5.6% drop in telecoms firm Ooredoo ORDS.QA and a 3.6% decrease in United Development Company UDCD.QA as they traded ex-dividend.