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Major Gulf Bourses In Red Ahead Of U.S. Inflation Data

PARIS, France - Major stock markets in the Gulf were in negative territory early on Thursday, tracking Asian shares lower, with the Saudi index on course to post its third weekly loss.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.2%, before the big test of a U.S. consumer inflation report, while market sentiment took a dive as the likely collapse of a major crypto exchange spooked investors.

The U.S. consumer price index (CPI) data for October is due at 1330 GMT, with economists polled by Reuters forecasting a decline in both monthly and yearly core numbers to 0.5% and 6.5%, respectively.

Saudi Arabia's benchmark index (TASI) dropped 1%, extending losses for a second session, weight down by a 0.9% fall in Al Rajhi Bank and a 1.3% decline in Dr. Suleiman Al-Habib Medical Services.

However, Prince Alwaleed Bin Talal's Kingdom Holding jumped 3.2%, after reporting a sharp surge in quarterly earnings.

Dubai's main share index (DFMGI) fell 0.3%, with blue-chip developer Emaar Properties losing 0.6% and top lender Emirates NBD falling 0.4%.

Dubai schools operator Taaleem Holdings announced a price range of between 2,95 dirhams and 3 dirhams per share for it upcoming initial public offering.

In Abu Dhabi, the index eased by 0.1%.

The Qatari index retreated 0.7%, as most of the stocks on the index were in negative territory.



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