Major Gulf markets dip on oil weakness, inflation worries – Reuters

Major Gulf markets dip on oil weakness, inflation worries – Reuters

Aug 21 (Reuters) - Most major Gulf stock markets fell on Sunday amid fears of a potential global recession and volatile oil prices, but Egypt continued to rise after its central bank kept its overnight interest rates steady on Thursday.

Crude prices, a key driver of the Gulf's financial markets, slipped after two days of gains and were heading for weekly losses, also under pressure from a strong dollar.

Saudi Arabia's benchmark index (.TASI) fell 0.5%, with Saudi Basic Industries Corporation (Sabic) (2010.SE) falling 2.3% and oil behemoth Aramco dropping 0.8%. Aramco is to start trading ex-dividend on Aug. 22.