Oct 13 (Reuters) – Most stock markets in the Gulf fell in early trade on Wednesday, weighed by falling oil prices, but the Saudi index gained after the International Monetary Fund raised its forecast.
Crude prices dipped on concerns that oil demand growth will fall as major economies suffer through inflation and supply chain issues although surging prices for power generation fuel, such as coal and natural gas, limited losses.
On Tuesday, the International Monetary Fund (IMF) increased Saudi Arabia’s economic growth forecast to 2.8% this year from a prior forecast of 2.4%.
The Saudi ministry of finance had said last month it expected a 2.6% growth this year followed by a 7.5% expansion in 2022. read more
Real estate prices in Dubai have rebounded strongly from a record low at the end of 2020, but demand is uneven and an oversupply of residential properties will pressure prices in the long run, making the recovery fragile, S&P Global Ratings said. read more
Among other percentage losers, blue-chip developer Emaar Properties (EMAR.DU) was down 0.3%.
On Wednesday, the chairman of Dubai ports giant DP World said there is no end in sight to the shortage of shipping containers, port congestion and sky rocketing freight rates that have rattled global trade. read more
Reporting by Ateeq Shariff in Bengaluru; Editing by Amy Caren Daniel
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