Mideast Stocks: Most Gulf indexes extend losses in line with Asian stocks

Saudi Arabia's benchmark index eased 0.1%


Most stock markets in the Gulf region fell in ealry trade on Tuesday, extending losses from the previous session, mirroring weakness in Asian shares.

Asian stocks struggled for traction in the wake of a sell-off that has shattered months of uneasy calm, as fears of contagion from the distress of debt-saddled developer China Evergrande triggered a global flight from risky assets. 

Saudi Arabia's benchmark index eased 0.1%, with Dr Sulaiman Al-Habib Medical Services losing 0.9% and Al Rajhi Bank was down 0.2%.

Brent crude gained 95 cents, or 1.3% to $74.87 a barrel by 0645 GMT, as analysts pointed to signs of U.S. supply tightness. 

The Abu Dhabi index lost 0.2%, hit by a 0.3% drop in the country's largest lender First Abu Dhabi Bank and a 0.3% decrease in telecoms firm Etisalat.

But conglomerate International Holding Co added 0.6%, after its subsidiary invested a further 55 million dirhams ($14.97 million) in Firefly to bring digital advertising services to taxis and rideshares in the region. 

Dubai's main share index declined 0.7%, weighed down by a 1.2% fall in blue-chip developer Emaar Properties and a 0.7% drop in Emirates NBD Bank.

On Monday, the emirate said it was establishing a new Integrated Economic Zones Authority that will act as an independent legal entity with financial and administrative autonomy. 

More than 5,000 international firms will operate under the Dubai Integrated Economic Zones Authority.

The Qatari index slipped 0.2%, with Mesaieed Petrochemical declining 1.8%.

($1 = 3.6728 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Rashmi Aich) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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