Most stock markets in the Gulf region declined at the close on Thursday, continuing losses from the previous session following weak economic forecasts for the region. A survey conducted by Reuters among economists indicated that economic growth in five of the six Gulf Cooperation Council (GCC) countries is expected to be weaker than previously anticipated three months ago due to falling oil prices, the region's main export commodity. Bahrain was the only country in the region where the growth rate was adjusted upward to three percent from 2.7 percent in the previous survey. The average growth for the six GCC economies is expected to be 1.5 percent this year, just over half of the previous forecast of 2.8 percent in April.
In Abu Dhabi, the main index fell by 0.4 percent, impacted by a 1.5 percent decline in the shares of First Abu Dhabi Bank, the largest bank in the UAE, ahead of its earnings announcement. The Dubai Financial Market index closed steady, though leaning towards the negative territory, following an eight-session rise. The Saudi stock exchange index saw little change. However, the Qatari index defied the trend in the region, closing up 0.7 percent, supported by a 0.7 percent increase in the shares of Qatar Islamic Bank.
