April 26 (Reuters) - Major stock markets in the Gulf
were mixed in early trade on Wednesday amid rising recession
fears in the United States, with the Saudi index on course to
end five-day winning streak.
U.S. Consumer confidence fell to a nine-month low in April,
a survey showed, intensifying concerns of a potential recession.
Asian markets remained subdued.
Saudi Arabia's benchmark index dropped 0.3%, on
course snap a five-session gains, hit by a 1.1% drop in oil
giant Saudi Aramco .
Dubai's main share index retreated 0.6%, weighed
down by a 3.2% slide in Emaar Properties PJSC .
The United Arab Emirates needs time to demonstrate the
effectiveness and enforcement of policies introduced against
financial crime before it can be removed from a global
watchdog's 'grey' list, the economy minister told Reuters.
In Abu Dhabi, the index gained 0.2%.
Oil - a key catalyst for the Gulf's financial markets - rose
after plunging more than 2% in the previous session as reports
of falling U.S. crude oil and fuel inventories refocused
investors on robust demand in the world's top oil consumer.
U.S. crude oil stocks fell by about 6.1 million barrels in
the week ended April 21, according to market sources citing
American Petroleum Institute (API) figures on Tuesday. Analysts
had expected crude inventories to fall by about 1.5 million
barrels.
The Qatari index - which traded after a three session
break - advanced 1.3% and was on track to snap a seven-day
losing streak, with Qatar Islamic Bank QPSC rising
2.2%.
(Reporting by Ateeq Shariff in Bengaluru; Editing by Varun H K)
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