Gulf bourses end mixed on oil price fall, weak US economic data | Reuters

Gulf bourses end mixed on oil price fall, weak US economic data | Reuters

Stock markets in the Gulf ended mixed on Thursday amid falling oil prices and weaker-than-expected U.S. GDP data.

The U.S. economy contracted in the first quarter, largely because of a surge in imports as businesses sought to avoid expected tariffs.

Risks are high that U.S. President Donald Trump's tariff policies could push the global economy into a recession this year, a Reuters poll found on Monday.

Saudi Arabia's benchmark index (.TASI), opens new tab declined 1.1%, weighed down by a 0.9% fall in Al Rajhi Bank (1120.SE), opens new tab and a 2.2% slide in the country's biggest lender Saudi National Bank (1180.SE), opens new tab.

Oil giant Saudi Aramco (2222.SE), opens new tab also fell 0.6%.

Oil prices — a catalyst for the Gulf's financial markets — fell, extending a steep decline the previous session due to signs that Saudi Arabia, the world's largest crude exporter, could raise production and data showing a contraction in the U.S. economy, the world's top oil consumer.

Meanwhile, Saudi Arabia's economy grew in the first quarter, supported by activity in the non-oil sector as the kingdom pushes on with diversifying away from hydrocarbons.

Dubai's main share index (.DFMGI), opens new tab declined 0.7%; Commercial Bank of Dubai (CBD.DU), opens new tab fell 8.9%, snapping a four-day winning streak.

In Abu Dhabi, the index (.FTFADGI), opens new tab edged 0.2% higher, helped by a 0.4% rise in conglomerate International Holding (IHC.AD), opens new tab.

The Qatari benchmark (.QSI), opens new tab eased 0.1%, with petrochemical maker Industries Qatar (IQCD.QA), opens new tab retreating 2.9%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 0.3%, with Commercial International Bank (COMI.CA), opens new tab gaining 1.3%.