April 5 (Reuters) - Major stock markets in the Gulf were
subdued in early trade on Wednesday, as signs of a slowing U.S.
labour market made investors nervous about the economic outlook.
Asia trade was thinned by holidays in Hong Kong and China,
leaving MSCI's Asia-Pacific index excluding Japan faring little better than flat, while Japan's
Nikkei fell 1.6% and was set for the biggest one-day
percentage fall since mid-March.
Saudi Arabia's benchmark index eased 0.2%, hit by a
1.5% fall in Dr Sulaiman Al-Habib Medical Services and
a 0.4% decrease in Al Rajhi Bank .
Elsewhere, Arabian Centres Co slid 4.4% as the
stock traded ex-dividend.
In the previous two sessions, the Saudi index posted sharp
gains after a surprise announcement by OPEC+ to cut more
production jolted markets.
Surprise new cuts to the OPEC+ group's output targets could
push oil prices towards $100 a barrel, setting the scene for
another clash with the West grappling with higher interest
rates, analysts and traders said on Monday.
Dubai's main share index dropped 0.1%, with utility
firm Dubai Electricity and Water Authority losing
0.8%.
In Abu Dhabi, the index retreated 0.2%.
Separately, non-oil business activity growth in the United
Arab Emirates bounced back to the fastest pace in five months in
March, a business survey showed on Wednesday, supported by new
orders and the quickest jobs growth in almost seven years.
The Qatari index fell 0.2%, on course to end two
sessions of gains, weighed down by 1.7% fall in Commercial Bank .
(Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh
Venkateshwaran)
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