April 17 (Reuters) - Major stock markets in the Gulf
were mixed early on Monday ahead of earnings and Chinese
economic data, with the Saudi index on course to extend gains
for a fourth consecutive session.
Crude prices - a key catalyst for the region's financial
markets - were steady as investors eyed economic data from China
for signs of demand recovery in the world's second-largest oil
consumer.
China's first-quarter GDP data due this week is expected to
be positive for commodity prices, with the International Energy
Agency (IEA) forecasting that it will account for most of the
demand growth in 2023.
Saudi Arabia's benchmark index gained 0.4%, led by a
2.2% rise in Dr Sulaiman Al-Habib Medical Services Group and a 1.7% increase in oil giant Saudi Aramco Base Oil
Co JSE .
Elsewhere, shares of Saudi food retailer Almunajem Foods
Company advanced 3.9%, following an upbeat sequential
first-quarter net profit.
Dubai's main share index added 0.3%, with blue-chip
developer Emaar Properties rising 0.8%, and a 4.2%
jump in Dubai Financial Markets .
In Abu Dhabi, the index eased 0.2%, hit by a 0.9%
fall in conglomerate International Holding .
The Qatari index also fell 0.4%, weighed by a 2%
slide in Qatar National Bank QPSC .
Banks in the Middle East and Central Asia have very limited
exposure to the banking turmoil in the United States and Europe,
but financial pressures are adding to strains caused by high
interest rates, volatile oil prices and years of double-digit
inflation, a top IMF official said on Saturday.
(Reporting by Ateeq Shariff in Bengaluru; Editing by Sonia
Cheema)
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