Most Middle East markets fall; #Dubai gains over 1% | Reuters

Most Middle East markets fall; Dubai gains over 1% | Reuters

Most Gulf stock markets were down on Thursday, with Saudi Arabia’s benchmark index nearly flat, but Dubai index rose over 1%.

Crude prices fell after official data showed a big jump in U.S. gasoline stocks, sparking concerns about demand weakening in the world’s biggest oil consumer as crude supplies around the world rise. [O/R]

Gains in the financial sector in Saudi Arabia were offset by losses in industrials and materials, with the index trading up 0.14%.

Saudi Cement was the top drag, while Al-Rajhi Bank boosted sentiment the most.

In Dubai, the main share index rose over 1%, its biggest daily percentage gain in nearly 10 days.

Emirates NBD Bank rose 1.7%, a day after it entered an agreement to sell controlling interest in Dubai Bank.

Emaar Development rose 1.2% and Emaar Properties gained 1.7%.

The Qatari index was down 0.07% with financial stocks dropping the most.

In Abu Dhabi, the index rose 0.3%, with First Abu Dhabi Bank up 0.7%.

The International Monetary Fund has said it expects most Gulf economies to recover this year at a faster pace than previously estimated, as it raised its 2021 global growth forecast to 6% from 5.5% less than three months ago.