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Major Gulf indexes fall alongside subdued global equities

Dubai - Dubai's main share index retreated by 0.7 per cent.

Major stock markets in the Gulf ended lower on Wednesday as doubts about the easing of coronavirus lockdowns and simmering US-China tensions cast a shadow over global equity markets.
US President Donald Trump has kept up the pressure on China, urging the country to be transparent about the origins of the coronavirus, which began in the Chinese city of Wuhan late last year.
Saudi Arabia's benchmark index dropped 0.8per cent, with National Commercial Bank, the country's largest lender, falling 2per cent and Al Rajhi Bank down 0.7per cent.
Moody's on Tuesday affirmed ratings of all Saudi Banks, but changed outlooks to negative. Clothing manufacturer Thob Al Aseel gained 3.3per cent after signing a 97.5 million riyals ($25.97 million) contract for medical supplies.
Meanwhile, Saudi Arabia's crude oil exports in May are expected to drop to about 6 million barrels per day, the lowest in almost a decade, and domestic refining output is likely to fall as the coronavirus crisis hits demand, Reuters reported citing industry sources and analysts.
Dubai's main share index retreated by 0.7 per cent. Blue-chip developer Emaar Properties declined 2.3per cent, while budget airliner Air Arabia slid 3.7per cent.
Air Arabia, the only listed carrier in the United Arab Emirates, has laid off 57 employees due to travel disruptions caused by the coronavirus outbreak, a spokesman said on Tuesday.
The Abu Dhabi index fell 2 per cent, dragged down by a 2.8 per cent drop in the country's largest lender First Abu Dhabi Bank and a 2.4 per cent fall in telecoms group Etisalat.
In Qatar, the index slipped 0.5per cent, hurt by a 1.9per cent fall in Qatar Islamic Bank.
Outside the Gulf, Egypt's blue-chip index bucked the trend to close 1per cent up. Commercial International Bank was up 1.5per cent. - Reuters