Most Gulf markets fall after US economy data
May 1 (Reuters) - Most major stock markets in the Gulf fell in early trade on Thursday after weaker-than-expected U.S. GDP data and under- pressure from lower oil prices.
The U.S. economy contracted in the first quarter, largely because of a surge in imports as businesses sought to avoid expected tariffs.
U.S. President Donald Trump's tariff policies are likely to push the global economy into a recession this year, a Reuters poll found.
Saudi Arabia's benchmark index (.TASI), opens new tab declined 0.7%, hit by a 0.6% fall in Al Rajhi Bank (1120.SE), opens new tab and a 1.4% decrease in Saudi Telecom Company (7010.SE), opens new tab.
As the region's major source of income, weaker oil prices weighed.
They extended losses on Thursday. A steep decline was triggered the previous session by the U.S. data and indications that Saudi Arabia, the world's biggest crude exporter, is prepared to raise output and expand its market share, in a potentially significant policy shift.
Dubai's main share index (.DFMGI), opens new tab lost 0.6%, with Commercial Bank of Dubai (CBD.DU), opens new tab retreating 6.1%, on course to snap four sessions of gains.
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