Mideast Stocks: Most Gulf markets in red on economic worries

Mideast Stocks: Most Gulf markets in red on economic worries

Most stock markets in the Gulf ended lower on Wednesday as gloomy global manufacturing data grabbed attention ahead of an annual meeting of central bankers at Jackson Hole in the United States. Manufacturing data from a host of purchasing managers' index (PMI) surveys on Wednesday gave a steer on the health of economies across the world.

Saudi Arabia's benchmark index gave up early gains to close 0.1% lower, with Dr Sulaiman Al-Habib Medical Services losing 0.9%. Separately, the kingdom's Jadwa Investment has acquired a 35% equity stake in Kuwait's Gissah Perfumes Company, which is slated for a listing in Riyadh, the companies said in a joint statement on Wednesday.

In Abu Dhabi, the index dropped 0.4%.

Oil prices - a catalyst for the Gulf's financial markets - were slightly lower with Brent crude futures dropping 0.75% to $83.75 per barrel.

The Qatari index dropped 1.2%, as most of the stocks on the index were in negative territory including petrochemical maker Industries Qatar, which was down 1.2%.

Markets are also looking for hints on the outlook for interest rates when Federal Reserve officials and policymakers from the European Central Bank (ECB), the Bank of England and the Bank of Japan head to Jackson Hole, Wyoming, on