Most Gulf markets subdued, petrochemicals drag Saudi shares

Most stock markets in the Gulf slipped in early trade on Monday, with losses in petrochemical shares weighing on the Saudi index.

The benchmark index in Saudi Arabia fell 0.7pc, with Al Rajhi Bank falling 0.8pc and petrochemical maker Saudi Basic Industries down 0.6pc.

Dubai's main share index dropped 0.7pc, dragged down by a 1pc fall in Emirates NBD Bank and a 1.4pc decline in blue-chip developer Emaar Properties.

The Abu Dhabi index edged up 0.1pc, supported by a 0.7pc rise in aquaculture firm International Holding and 0.2pc gain by the country's largest lender First Abu Dhabi Bank.

The United Arab Emirates' non-oil private sector swung back to growth in September, a survey showed on Monday, but firms continued to shed jobs amid cash flow issues and concerns over renewed restrictions to contain coronavirus cases.

Last week, the UAE recorded its highest daily total of infections with 1,158 new cases, after a surge in daily infection numbers over the past two months that authorities have blamed on poor adherence to social distancing measures.

In Qatar, the index added 0.1pc, with Qatar Insurance Company rising 2.1pc.