Mideast Stocks: Most Gulf markets in red; Qatar extends gains

Mideast Stocks: Most Gulf markets in red; Qatar extends gains

Most stock markets in the Gulf were subdued on Thursday, extending losses from the previous session after a weak economic forecast for the region. Economic growth in five countries in the six-member Gulf Cooperation Council (GCC) is forecast to be weaker than expected three months earlier on lower prices of oil, the region's main export, according to a Reuters poll of economists. Only Bahrain's growth rate was upgraded to 3.0% from 2.7% in the previous poll. Average growth across the six GCC economies is forecast to be 1.5% this year, slightly more than half the 2.8% forecast in April. In Abu Dhabi, the index dropped 0.4%, hit by a 1.5% fall in the country's biggest lender First Abu Dhabi Bank ahead of an earnings announcement. Dubai's main share index finished flat towards negative territory a day after snapping eight sessions of gains. Saudi Arabia's benchmark index was flat. However, the Qatari benchmark bucked the trend to close 0.7% higher, with Qatar Islamic Bank gaing 0.7%. The Qatari stock market extended its gains supported by a strong banking sector, said Ahmed Negm, Head of Market Research MENA at XS.com. "The main index could also maintain its gains if natural gas prices