Oil price fall hurts most Gulf markets

DUBAI: Most Middle Eastern markets ended lower on Sunday following a sharp decline in oil prices prompted by fears of a slow economic recovery from the COVID-19 pandemic. Brent crude, the international benchmark, on Friday fell $1.41, or 3.2%, to settle at $42.66 a barrel.

Saudi Arabia's benchmark index eased 0.3%. Saudi Basic Industries Corp (SABIC) declined 1.9%, while Riyad Bank was down 1.7%. SABIC, the world's fourth-biggest petrochemicals firm, sold $1 billion in dual-tranche bonds on Thursday, as Gulf debt markets pick up after the summer break.

Dubai's main share index fell 1.1%, pressured by a 2% fall in blue-chip developer Emaar Properties and a 0.9% drop in Emirates NBD Bank. In Abu Dhabi, the index dropped 0.6%, with top lender First Abu Dhabi Bank losing 0.9% and telecoms firm Etisalat closing down 0.7%.

First Abu Dhabi Bank plans to restart talks to buy the Egyptian business of Lebanon's Bank Audi, two sources familiar with the matter said. Emirates NBD, Dubai's largest lender, is currently in talks to buy the Egyptian unit of Lebanon's Blom Bank.

The Qatari index declined 1.2% with most stocks in negative territory including petrochemicals firm Industries Qatar. Outside the Gulf, Egypt's blue-chip index slid 1%, weighed by a 2.8% fall in Talaat Mostafa Holding and a 2.6% drop in Cleopatra Hospital.