Mideast Stocks: Saudi outperforms major Gulf bourses after IMF forecast

saudi, index, economic, forecast, inflation,
Saudi Arabia

Mideast Stocks: Saudi outperforms major Gulf bourses after IMF forecast

Most major stock markets in the Gulf were little changed on Wednesday, amid inflation fears, while the Saudi index outperformed the region after the International Monetary Fund raised its economic growth forecast. Investors are worried about the economic slowdown and inflation, which is proving less temporary and could entail central banks to take action earlier than expected, said Wael Makarem, senior market strategist at Exness. "Inflation fears are further fueled by the strong energy prices which could endanger the economic revival." Saudi Arabia's benchmark index .TASI gained 0.7%, with petrochemical maker Saudi Basic Industries 2010.SE rising 2.8% and Saudi Arabian Mining Company 1211.SE advancing 3.6%. The IMF raised Saudi Arabia's economic growth forecast on Tuesday, to 2.8% this year from a prior outlook of 2.4%. Dubai's main share index reversed early losses to inch 0.1% higher, helped by a 0.8% gain in blue-chip developer Emaar Properties. On Wednesday, the chairman of Dubai ports giant DP World said there is no end in sight to the shortage of shipping containers, port congestion and sky rocketing freight rates that have rattled global trade. In Abu Dhabi, the index finished flat, as gains in financial shares were offset by declines industrial stocks. Abu

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