Mideast Stocks: Major Gulf bourses ease in early trade on fuel demand concerns

Mideast Stocks: Major Gulf bourses ease in early trade on fuel demand concerns

Major Gulf stock markets fell in early trade on Tuesday on a decline in oil prices as concerns of a possible global recession curtailing fuel demand outweighed supply disruption fears.

Dubai's main share index fell 0.5%, hitting its lowest since late January, as Dubai Electricity And Water Authority dropped 1.2% and Emirates Integrated Telecommunication slipped 1%.

Shares of Tecom Group, which is owned by the investment vehicle of Dubai's ruler, declined 6.4% in their stock market debut.

The company had raised 1.7 billion dirhams ($462.87 million) from investors by offering 625 million ordinary shares in its IPO at 2.67 dirhams a share.

However, Dar Al Takaful surged 6.1% a day after the firm announced completion of legal procedures to merge with National Takaful Company.

The Qatari index lost 0.4%, with Gulf's largest lender falling 1.2%.

Separately, Qatar's economy grew 2.5% in the first quarter from a year earlier, although the growth fell slightly from the previous quarter, official estimates showed on Tuesday.

Saudi Arabia's benchmark index dropped 0.2%, on course to extend losses to straight fourth session, hit by a 1.5% fall in Riyad Bank and a 0.8% decrease in Retal Urban Development Company.

Separately, the Saudi king has ordered the allocation of 20 billion riyals ($5.33 billion)