Major Gulf bourses fell in early trade on Monday, tracking Asian shares and oil prices, as an unexpected increase in US inflation rekindled concerns about policy tightening and economic growth, while new COVID-19 limitations in China raised concerns about fuel demand.
The consumer price index in the United States rose 8.6 percent last month, the greatest year-on-year increase since December 1981, according to official numbers, shattering hopes that inflation had peaked.
The major share index in Dubai fell 2.7 percent, driven down by a sharp drop in financial and real estate firms.
Emaar Properties, the emirate’s blue-chip developer, and Sharia-compliant lender Dubai Islamic Bank fell 4.2 percent and 2.6 percent, respectively.
Equities in Abu Dhabi lost 1.2 percent, extending losses to a ninth straight session, as the emirate’s largest lender, First Abu Dhabi Bank, slid 1.2 percent and conglomerate International Holding Company fell 0.4 percent.
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