Mideast Stocks: Most Gulf bourses in red in early trade

Mideast Stocks: Most Gulf bourses in red in early trade

Most stock markets in the Gulf eased in early trade on Wednesday, ahead of the release of U.S. inflation data for June, as the region resumed trading after a long eid break.

The U.S. dollar will remain strong for at least the next three months as it basks in both expectations for aggressive Federal Reserve interest rate rises and safe-haven appeal stemming from global recession fears, a Reuters poll of FX analysts showed.

A high inflation print would likely be read by the Fed as a sign it needs to continue with aggressive interest rate rises to get on top of surging prices, even if this might push the economy into recession.

The Qatari benchmark declined more than 1%, dragged down by a 3.3% slide in the Gulf's biggest lender Qatar National Bank.

Dubai's main share index fell 0.1%, hit by a 1% fall in blue-chip developer Emaar Properties and a 0.7% decrease in Emirates Integrated Telecommunications.

In Abu Dhabi, the index dropped 0.1%, with telecoms firm e& retreating 0.8%.

Saudi Arabia's benchmark index gained 0.8%, extending gains from the previous session, led by a 2.1% rise in Saudi National Bank and a 1.8% increase in Riyad Bank .

Oil prices, a key catalyst for the Gulf's