Major Gulf bourses extend losses on economic slowdown worries | Reuters

Major Gulf bourses extend losses on economic slowdown worries | Reuters

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 (.MIAPJ0000PUS) lost 0.4%, while Tokyo's Nikkei (.N225) fell 0.7%.

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

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

The Qatari index (.QSI) fell 0.9%, hit by a 3.6% decline in petrochemical maker Industries Qatar (IQCD.QA).

Saudi Arabia's benchmark index (.TASI) slipped 0.2%, wiping out gains for the year with oil giant Saudi Aramco (2222.SE) retreating 0.4%, while Riyad Bank (1010.SE) eased 0.2%.

However, Alkhorayef Water And Power Technologies (2081.SE) surged 4.1% after the company secured a contract worth 228.2 million riyals ($60.82 million) for operation and maintenance of Jeddah city's water sector.

Separately, Alamar Foods set the price range for its initial public offering between 103 and 115 riyals per share.

In Oman, the index (.MSX30) edged up 0.1%, supported by a 1.6% jump in HSBC Oman Bank (HBMO.OM).

The bank said it would hold preliminary talks with local rival Sohar International Bank (BKSB.OM) on possibility of a cash-and-shares deal to merge the two lenders. read more