Dubai's main share index was down 0.1%. Shares in UAE-based currency exchange company Al Ansari Financial Services climbed 16.5% above the listing price on their market debut after raising $210.5 million in an initial public offering for 10% of the business. In Abu Dhabi, the index dropped 0.2%, with top lender First Abu Dhabi Bank down 0.6%. MSCI's broadest index of Asia-Pacific shares was down 0.9%, accelerating declines as the trading day unfolded. The Qatari index lost 0.1%, weighed down by a 0.6% decline in petrochemical maker Industries Qatar . (Reporting by Ateeq Shariff in Bengaluru; Editing by Subhranshu Sahu)
April 6 (Reuters) - Major stock markets in the Gulf
inched lower in early deals on Thursday, as mounting evidence of
a U.S. slowdown fuelled worries about a possible global
recession.
The U.S. services sector slowed more than expected in March
as demand cooled, while a measure of prices paid by services
businesses fell to the lowest in nearly three years, giving the
Federal Reserve a boost in the fight against inflation.
As signs have built this week for a sharp U.S. slowdown,
traders have been pricing for a more dovish Fed. Money markets
now see the odds of a further quarter-point hike at the May
meeting versus a pause as a coin toss. And 71 basis points of
easing are priced by year-end. Most Gulf Cooperation Council countries, including Saudi
Arabia, the United Arab Emirates and Qatar, have their
currencies pegged to the U.S. dollar and follow the Fed's policy
moves closely, exposing the region to a direct impact from
monetary tightening in the world's largest economy.
Saudi Arabia's benchmark stock index eased 0.1%,
dragged by a 0.8% fall in Saudi National Bank , the
country's biggest lender.
Oil Prices - a key catalyst for the Gulf's financial markets
- fell as weak U.S. economic data stoked recession fears.
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