Most major bourses track Asian shares, oil prices lower - Reuters

Oct 10 (Reuters) - Most major stock markets in the Gulf fell in early trade on Monday, tracking losses in Asian shares and oil prices, although the Saudi index was on track to snap a three-day losing streak.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) shed 1.4%, after a surprise drop in U.S. unemployment quashed any thought of a pivot on policy tightening ahead of a reading on inflation which is expected to see core prices move higher again.

Dubai's main share index (.DFMGI) retreated 1%, hit by a 2% decline in blue-chip developer Emaar Properties (EMAR.DU) and a 1.1% decrease in Emirates NBD Bank (ENBD.DU).

In Abu Dhabi, the index (.FTFADGI) dropped 0.6%, with the United Arab Emirates's biggest lender First Abu Dhabi Bank (FAB.AD).

Crude prices, a key catalyst for the Gulf's financial markets, fell, snapping five days of gains, as investors took profits after a report on slowing economic activity in China, the world's biggest crude importer, re-ignited concerns about falling global fuel demand.

In Qatar, the index (.QSI) eased 0.1%, with the Gulf's largest lender Qatar National Bank (QNBK.QA) falling 0.8%, ahead of its earnings announcement.

Saudi Arabia's benchmark index (.TASI), however, added 0.2%, helped by a 0.4% rise in Al Rajhi Bank (1120.SE) and a 1.1% increase in Dr Sulaiman Al-Habib Medical Services (4013.SE).

Separately, the kingdom's Power and Utility Company for Jubail and Yanbu (Marafiq) has set the price range for its potential initial public offering at 41 to 46 riyals ($10.91-12.24) a share, HSBC said on Sunday. read more

Marafiq, which aims to list on Riyadh's Tadawul bourse, will sell 29.24% of its issued share capital, just over 73 million shares, by selling shares held by investors owning stakes of 5% or more.

Reporting by Ateeq Shariff in Bengaluru, editing by Ed Osmond

Our Standards: The Thomson Reuters Trust Principles.

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