Most Gulf markets ease on weak economic forecast; #Qatar rises | Reuters

Most Gulf markets ease on weak economic forecast; Qatar rises | Reuters

Most major stock markets in the Gulf fell in early trade on Thursday extending losses from the previous session after a weak economic forecast about the region.

Economic growth in five countries in the six-member Gulf Cooperation Council (GCC) is forecast to be even weaker than expected three months earlier on lower prices of oil, the region's main export, according to a Reuters poll of economists.

Only Bahrain's growth rate was upgraded to 3.0% from 2.7% in the previous poll. Average growth across the six GCC economies is forecast to be 1.5% this year, slightly more than half the 2.8% forecast in April.

Saudi Arabia's benchmark index (.TASI) eased 0.1%, hit by a 0.4% fall in oil giant Saudi Aramco (2222.SE), while Advanced Petrochemical Co (2330.SE) declined 0.9% after reporting a fall in quarterly profit.

Oil prices - a key catalyst for the Gulf's financial markets - were little changed as a lower-than-expected drop in U.S. crude inventories and a potentially weaker demand outlook kept investors cautious.

Dubai's main share index (.DFMGI) fell 0.1%, on course to extend losses from the previous session when it snapped eight sessions of gains, weighed down by a 0.7% decrease in Dubai Electricity and Water Authority (DEWAA.DU).

In Abu Dhabi, the index (.FTFADGI) lost 0.3%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) falling 0.6% ahead of its earnings announcement.

Separately, the United Arab Emirates and Turkey inked on Wednesday several deals estimated to be worth $50.7 billion during a visit by President Tayyip Erdogan to Abu Dhabi as he toured wealthy Gulf Arab nations for investment and funds.

The Qatari benchmark (.QSI), however, bucked the trend to trade 0.6% higher.