Mideast Stocks: Financials lead major Gulf bourses lower amid inflation worries

The Commercial Bank (P.S.Q.C.)

07/06/2022 09:36

June 7 (Reuters) - Major Gulf equities fell in early trade
on Tuesday, mirroring a fall in its Asian peers amid inflation
fears, ahead of U.S. inflation data and central bank meetings in
Europe and the United States.
    The Reserve Bank of Australia raised interest rates by the
most in 22 years and flagged more tightening to come as it
battles to restrain surging inflation, stunning markets and
sending the Aussie  AUD=D3  up, briefly. urn:newsml:reuters.com:*:nL1N2XU087
    The main stock index in Saudi Arabia  .TASI  retreated 0.5%,
weighed down by banking stocks with Al Rajhi Bank  1120.SE 
losing 1.1% and the Riyad Bank  1010.SE  dropping 1.5%.
    Separately, Saudi Arabia's gross domestic product grew 9.9%
in the first quarter, more than a flash estimate last month of
9.6%, an official data showed on Tuesday. urn:newsml:reuters.com:*:nB8N2W9002
    The Qatari index  .QSI  declined 0.6%, as the Gulf's biggest
lender Qatar National Bank  QNBK.QA  decreased 1.4% and
Commercial Bank  COMB.QA  slid 2.3%.
    Whereas, Gulf International Services  GISS.QA  soared 8%
after the company announced an interim agreement with Manaya
Holding Group for potential merger of its unit Amwaj with
Shaqab. urn:newsml:reuters.com:*:nFWN2XR04L
    In Abu Dhabi, the index  .FTFADGI  edged down 0.1%, on track
to extend its fifth straight session of losses. 
    Conglomerate International Holding Company  IHC.AD  eased
0.3% and petrochemical maker Borouge  BOROUGE.AD  dropped 0.9%.
    Dubai's main share index  .DFMGI  also fell 0.6%, with
Emirates Integrated Telecommunications  DU.DU  slipping 1.3% and
Sharia lender Dubai Islamic Bank  DISB.DU  losing 0.8%.

 (Reporting by Mohd Edrees in Bengaluru; Editing by Shailesh
Kuber)
 ((mohammad.edrees@thomsonreuters.com))