May 15 (Reuters) - Major Gulf indexes dropped in early
trade on Monday, tracking oil prices lower, with the Dubai
bourse leading losses.
Crude prices - a key catalyst for the region's financial
markets - fell as concerns about fuel demand in top global oil
consumers, the U.S. and China, offset bullish sentiment about
tightening supplies due to OPEC+ cuts and a resumption in U.S.
buying for reserves.
Saudi Arabia's benchmark index declined 0.3%, with
Riyad Bank SJSC losing 1.8% and Al Rajhi Banking and
Investment Corporation easing 0.3%.
The kingdom's annual inflation rate was 2.7% in April,
unchanged from the previous month, driven mostly by housing
rental costs, according to government data released on Monday.
The inflation outlook for the Gulf countries is muted in
comparison to many major economies, a Reuters poll found.
Dubai's main share index retreated 1.1%, with
Sharia-compliant lender Dubai Islamic Bank PJSC losing
1.9% and blue-chip developer Emaar Properties PJSC declining 1.3%.
In Abu Dhabi, the index lost 0.6%, with Alpha
Dhabi Holding PJSC retreating 0.9%, while ADNOC
Gas Plc slid about 4%, falling for a third
consecutive session.
The energy firm, which debuted in a March IPO, reported a 9%
rise in net income. Revenue, however, fell 15% year-on-year to
$6.2 billion.
Meanwhile, Abu Dhabi National Energy Company PJSC gained 1% after reporting quarterly net income of 11.6 billion
dirhams ($3.16 billion), an increase of 9.6 billion dirhams, and
proposed a dividend of 0.65 fils.
The Qatari benchmark slipped 0.8%, as most of the
index traded in negative territory, including the region's
biggest lender Qatar National Bank QPSC , which
declined 1.7%.
Bucking the trend, however, Qatar Navigation QPSC rose 3.8%.
($1 = 3.6717 UAE dirham)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Sonia
Cheema)
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