Major Gulf markets ease in early trade
Aug 8 (Reuters) -Major Gulf stock markets opened lower in a choppy trade on Thursday, in line with Asian shares, as global investors struggled to find their footing in a wild week for markets.
Saudi Arabia's benchmark index .TASI dropped 0.5%, with aluminium products manufacturer Al Taiseer Group 4143.SE losing 3.2% and ACWA Power Company 2082.SE was down 1.3%.
On the other hand, oil giant Saudi Aramco 2222.SE gained 0.5%.
Aramco will buy from Japan's Sumitomo Chemical 4005.T a 22.5% stake in their petrochemical joint venture Petro Rabigh 2380.SE for $702 million, the companies said on Wednesday, outlining a turnaround strategy for the loss-making venture.
Petro Rabigh shares were up 5.5%.
Dubai's main share index .DFMGI eased 0.1%, with toll operator Salik Co SALIK.DU dropping 0.9%.
However, the index's losses were limited by a 0.7% increase in blue-chip developer Emaar Properties EMAR.DU after reporting a rise in first-half net profit.
In Abu Dhabi, the index .FTFADGI lost 0.2%.
Meanwhile, weekly U.S. jobless claims data due later in the day could prove market moving, following soft monthly payrolls figures on Friday that exacerbated fears of a U.S. economic downturn.
Traders are currently pricing in 111 basis points of cuts to the Fed funds rate over the remaining three meetings this year, which many analysts see as overdone.
The Qatari benchmark .QSI declined 0.3%, with Qatar Islamic Bank QISB.QA falling 0.9%.
Oil prices - a catalyst for the Gulf's financial markets - fell in choppy trade, and looked set to snap a two-session streak during which they gained about 3% due to growing supply risks amid simmering tensions in the Middle East.
Reporting by Ateeq Shariff in Bengaluru; Editing by Rashmi Aich
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