Most Gulf markets fall in line with Asia; #Qatar edges up | Reuters

Most Gulf markets fall in line with Asia; Qatar edges up | Reuters

Most major Gulf stock markets fell in early trade on Thursday, mirroring weakness in Asian shares as investors worried about the economic impact of rate hikes ahead of a European Central Bank meeting later in the day.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 0.65%, while Australian shares (.AXJO) closed 1.4% lower and Seoul's KOSPI (.KS11) finished almost flat. read more

In Abu Dhabi, the index (.FTFADGI) eased 0.7%, extending losses to a seventh session, as largest lender First Abu Dhabi Bank (FAB.AD) declined 0.6% and conglomerate International Holding Company (IHC.AD) fell 0.6%.

Dubai's main share index (.DFMGI) retreated 0.5%, weighed down by a 1.2% dip in blue-chip developer Emaar Properties (EMAR.DU) and a 0.7% decrease in Sharia-compliant lender Dubai Islamic Bank (DISB.DU).

Separately, Dubai plans to sell a 12.5% stake in business park operator TECOM Group in an initial public offering (IPO), the company said in a statement. read more

Saudi Arabia's benchmark index (.TASI) edged down 0.1%, pressured by banking and energy stocks. Index heavyweights Banque Saudi Fransi (1050.SE) and Saudi Basic Industries (2010.SE) slipped 1.3% and 0.4%, respectively.

However, Alkhorayef Water And Power Technologies (2081.SE) rose as much as 2.9% after signing 1.86 billion riyals ($495.83 million) worth of contracts with the Ministry of Environment, Water and Agriculture.

The Qatari index (.QSI), however, edged 0.2% higher, with Commercial Bank (COMB.QA) adding 1.5%.

Italian producer Eni (ENI.MI) has been picked, along with another four oil majors, by Qatar as partners in the near $30 billion expansion of the world's largest liquefied natural gas project, people with knowledge of the matter said on Wednesday. read more