Most Gulf markets ease on soft oil, weak earnings
April 30 (Reuters) - Most of the major stock markets in the Gulf tracked oil prices lower on Wednesday, while weak corporate earnings failed to boost investor sentiment.
Oil prices, a catalyst for the Gulf's financial markets, extended declines and were set for their steepest monthly drop in more than three years on Wednesday as the global trade war eroded demand outlook and fears of mounting supply weighed.
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Saudi Arabia's benchmark index (.TASI), opens new tab edged 0.1% lower, with oil major Saudi Aramco (2222.SE), opens new tab losing 0.6%. The UAE-based Americana Restaurants International (AMR.AD), opens new tab retreated 2.2%, following a sequential fall in first-quarter profit.
Abu Dhabi's index (.FTFADGI), opens new tab eased 0.3%, hit by a 3.7% slide in Abu Dhabi Commercial Bank (ADCB.AD), opens new tab, following a drop in first-quarter operating income.
However, the lender reported a rise in profit.
Among other laggards, Multiply Group (MULTIPLY.AD), opens new tab dropped 2.4% and was poised to extend losses from Tuesday when the investment firm reported a slide in quarterly profit.
However, the index's losses were capped by a 1.8% rise in the United Arab Emirates' biggest lender, First Abu Dhabi Bank (FAB.AD), opens new tab.
On Tuesday, the bank jumped more than 3% after reporting a net profit of 5.13 billion dirhams ($1.40 billion), beating analysts' estimate of 4.24 billion dirhams, according to data compiled by LSEG.
The Qatari index (.QSI), opens new tab gained 0.4%, led by a 0.8% rise in petrochemical maker Industries Qatar (IQCD.QA), opens new tab.
($1 = 3.6729 UAE dirham)
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