An investor browses the Dubai financial market after Joe Biden won the U.S. presidency, in Dubai, United Arab Emirates, November 8, 2020. REUTERS/Christopher Pike

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June 13 (Reuters) – Major Gulf stock markets fell in early trade on Monday, in line with Asian equities and oil prices, as an unexpected spike in U.S. inflation reignited fears over policy tightening and growth economic, while new COVID-19 restrictions in China have raised concerns about fuel demand.

The consumer price index in the United States rose 8.6% last month, the largest year-on-year increase since December 1981, official figures show, dashing hopes that inflation has peaked . Read more

Dubai’s main stock market index (.DFMGI) fell 2.7%, weighed down by a sharp fall in financial and real estate stocks.

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Prime Emirate developer Emaar Properties (EMAR.DU) and Sharia-compliant lender Dubai Islamic Bank (DISB.DU) fell 4.2% and 2.6% respectively

In Abu Dhabi, shares (.FTFADGI) were down 1.2%, set to extend losses to a ninth straight session as the emirate’s biggest lender, First Abu Dhabi Bank (FAB.AD), fell 1.2% and conglomerate International Holding Company (IHC.AD) fell 0.4%.

Among other shares, Dana Gas (DANA.AD) fell 2.8% after the company said it was in active discussions with the Egyptian government to reach an agreement on Block 6 North El Arish Concession.

Saudi Arabia’s benchmark (.TASI) fell 0.4%, with Riyadh Bank (1010.SE) down 1.5% and oil giant Saudi Aramco (2222.SE) lower. relaxed by 0.6%.

The energy index (.TENI) in Saudi Arabia fell 0.7%.

However, Bupa Arabia (8210.SE) jumped 3.9% after the company’s board proposed a capital increase of 300 million riyals ($79.97 million) with the issuance of 1 free share for 4 shares held.

The Qatari index (.QSI) fell 0.8%, with the Gulf’s largest lender, Qatar National Bank (QNBK.QA), losing 1.2%.

Separately, QatarEnergy has signed a partnership agreement with TotalEnergies (TTEF.PA) for the first and largest phase of a nearly $30 billion expansion of the North Field project. Read more

($1 = 3.7515 riyals)

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Reporting by Mohd Edrees in Bengaluru; Editing by Shailesh Kuber

Our standards: The Thomson Reuters Trust Principles.

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