Gulf stocks inch lower as surplus oil worries weigh
May 14 (Reuters) - Most Gulf stocks on Wednesday inched lower as a fall in oil prices over worries of increasing supplies hurt sentiment and investors paused to reflect over the implications of the U.S.-China tariff truce on the economy.
Oil prices - a catalyst for the Gulf's financial markets -fell on Wednesday, as traders watched for a potential jump in U.S. crude inventories. However, prices held near two-week highs as optimism after the U.S. and China agreed to temporarily lower their reciprocal tariffs lingered.
Although the U.S.-China trade war seems to have paused, financial markets remain uneasy about the outlook.
Meanwhile, Israel issued evacuation warnings on Wednesday for three seaports in Yemen after saying the Iran-aligned Houthis had fired a missile towards it while U.S. President Donald Trump was on a visit to three Gulf states.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was down 0.19%. Saudi Telecom (7010.SE), opens new tab and Saudi Electricity Company (5110.SE), opens new tab were the top losers, both falling nearly 5% early on Wednesday.
The losses were limited by a 8% surge in shares of Saudi Arabian Refineries Company (2030.SE), opens new tab. The refiner is on track to log its third straight session of gains.
Dubai's main share index (.DFMGI), opens new tab was flat, trading down 0.09% as a 2.5% gain in Mashreqbank (MASB.DU), opens new tab was offset by a 2.7% fall in Amlak Finance (AMLK.DU), opens new tab.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab was unchanged while Qatar's benchmark stock index (.QSI), opens new tab was down 0.01%.
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