Most Gulf markets gain, #Saudi falls as IMF forecasts slowdown in growth | Reuters

Most Gulf markets gain, Saudi falls as IMF forecasts slowdown in growth | Reuters

Most major stock markets in the Gulf rose in early trading on Thursday, shrugging off concerns around global economy, while the Saudi index eased as the International Monetary Fund (IMF) expects the kingdom's economic growth to slow.

The IMF expects GDP growth in Saudi Arabia to slow further from the current 1.9% forecast to reflect the latest extension of oil production cuts, an agency official said, even as non-oil growth is seen remaining strong.

Saudi Arabia's benchmark index (.TASI) dropped 0.3%, with Al Rajhi Bank (1120.SE) losing 0.6% and Dr Sulaiman Al-Habib Medical Services (4013.SE) declining 0.7%.

Oil prices - which fuels the Gulf economy - eased as worries over demand due to a seasonal slowdown during winter and an uncertain economic outlook for China outweighed expectations of tighter supplies from extended production cuts in Saudi Arabia and Russia.

Elsewhere, Saudi Telecom Company (STC) (7010.SE) traded flat, a day after declining 2.2%. Spain is analysing STC's purchase of a 9.9% stake in Telefonica (TEF.MC) to ensure that its strategic interests are upheld, signalling a potential hurdle.

Dubai's main share index (.DFMGI) gained 0.3%, led by a 3.1% rise in toll operator Salik (SALIK.DU).

Separately, the United Arab Emirates Federal National Council Speaker, Saqr Ghobash, will visit China during Sept. 8-16, Chinese state news agency Xinhua said on Wednesday.

In Qatar, the index (.QSI) added 0.4%, as most of the stocks on the index were in positive territory including petrochemical maker Industries Qatar (IQCD.QA), which advanced 1.3%.