Mideast Stocks: Most Gulf stocks inch lower as global sentiment sours
Most Gulf stocks were trading lower early on Monday as Asian shares fell and oil prices weakened, while investor sentiment was rattled by mixed economic data from China and a downgrade of the U.S. credit rating.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.8%, while Wall Street share futures slipped as concerns over unpredictable U.S. economic policies were amplified by Moody's downgrade of the country's credit rating.
Meanwhile in China, official data showed growth in industrial output slowed in April, though still fared better than economists had expected.
The downgrade and mixed data also weighed on oil prices with front-month Brent crude futures falling 0.8% by 0630 GMT.
Saudi Arabia's benchmark stock index fell 0.2%, weighed by a near 3% drop in construction firm Retal Urban Development Company SJSC.
Among gainers on the index, insurance firm Allied Cooperative Insurance Group surged 14.65% after it announced a announced a 1 for 0.72 rights issue.
Meanwhile, Abu Dhabi's benchmark index was down 0.12% and Kuwait's benchmark index fell 0.21%.
Bucking the trend, Dubai's main share index rose 0.45% supported by a 5.26% rise in public parking spaces provider Parkin Company.
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