Major Gulf markets fall on oil price slide

Stock markets in the Gulf ended lower on Sunday in response to Thursday's slide in oil prices as rising COVID-19 cases in Europe and the United States heightened concerns over the outlook for fuel consumption.

Brent crude dropped 19 cents to settle at $37.46 a barrel on Friday, after touching a five-month low of $36.64 in the previous session.

Lower oil prices and disruptions to crude exports are likely to impact the fiscal balances of countries reliant on oil income.

Dubai's main share index declined 1.6%, dragged down by a 3% fall in blue-chip developer Emaar Properties and a 1.7% decrease in Emirates NBD Bank.

The six-member Gulf Cooperation Council faces a steep economic contraction this year before partially rebounding in 2021, with most countries facing sharper drops than previously estimated, a quarterly Reuters poll showed.

The United Arab Emirates, which has seen a surge in new COVID-19 cases, is expected to see GDP decline 6.0% this year, grow 2.7% next year and expand 3.8% in 2022. In July, analysts expected a 5.1% decline in 2020 and 2.6% growth in 2021.

The Abu Dhabi index closed down 0.6%, with Aldar Properties shedding 3.3%, while the United Arab Emirates' largest lender First Abu Dhabi Bank was down 0.5%.

Saudi Arabia's benchmark index fell 0.5%, hurt by a 1.3% fall in petrochemical firm Saudi Basic Industries and a 1.2% decline in the kingdom's largest lender National Commercial Bank.

In Qatar, the index slipped 0.5%, with United Development sliding 4.8% and Ezdan Holding tumbling 8%.

Outside the Gulf, Egypt's blue-chip index eased 0.6%, with most stocks in negative territory including El Sewedy Electric, which was down 2.6%.

SAUDI ARABIA down 0.5% to 7,865 points

ABU DHABI lost 0.6% to 4,635 points

DUBAI fell 1.6% to 2,152 points

QATAR eased 0.5% to 9,640 points

EGYPT down 0.6% to 10,456 points

BAHRAIN slipped 0.1% to 1,426 points

OMAN fell 0.2% to 3,552 points

KUWAIT slid 2.1% to 5,880 points