Sept 12, (Reuters) - Middle Eastern stock markets ended lower on Sunday in response to Friday's decline on Wall street, with the Saudi index hardest hit in the region.
The U.S. main stock indexes fell on Friday after data showing persistent U.S. inflation dampened optimism about an easing in U.S.-China tensions after a call between President Joe Biden and China's Xi Jinping. read more
U.S. producer prices increased solidly in August, indicating that high inflation is likely to persist for a while, with supply chains remaining tight as the COVID-19 pandemic drags on.
Saudi Arabia's benchmark index (.TASI) dropped 0.7%, extending losses from the previous session, with Al Rajhi Bank (1120.SE) and petrochemical maker Saudi Basic Industries (2010.SE) both losing 1.1% each.
In Abu Dhabi, the index (.ADI) retreated 0.5%, falling from the previous session's record highs, pressured by a 1.4% decline in Emirates Telecommunications Group (ETISALAT.AD).
Dubai's main share index (.DFMGI) finished 0.4% lower, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) slipping 0.8%.
Logistics company Aramex (ARMX.DU), partly owned by Abu Dhabi state investor ADQ, is in advanced talks to buy Turkish delivery company MNG Kargo, Reuters reported on Saturday, citing three sources. read more
Aramex shares were down 0.8%.
Meanwhile, private sector companies in the UAE will have to fill 10% of their positions with Emirati nationals within five years, the UAE said on Sunday, announcing its latest economic reforms. read more
The changes come amid a growing economic rivalry with Gulf neighbour Saudi Arabia to be the region's top trade and business hub.
The Qatari index (.QSI) was down 0.2%, with Commercial Bank (COMB.QA) shedding 1.1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 0.2, driven down by a 2.5% drop in tobacco monopoly Eastern Company (EAST.CA)
Egypt's annual urban consumer price inflation accelerated slightly to 5.7% in August from 5.4% in July, reaching its highest rate since November, the official statistics agency CAPMAS said on Thursday. read more
Reporting by Ateeq Shariff in Bengaluru. Editing by Jane Merriman
Our Standards: The Thomson Reuters Trust Principles.
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MIDEAST STOCKS Middle Eastern stock markets in the red after Wall Street fall - Reuters
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