Major Gulf stocks fall, mirroring oil prices, global equities

All major Gulf markets fell on Monday, in line with oil and global stocks as growing fears of a second wave of coronavirus infections revived economic worries.

Brent crude futures were $1.02, or 2.6pc lower, at$37.71 a barrel by 0750 GMT, as new coronavirus infections hit China and the United States, raising the prospect that renewed outbreaks could weigh on the recovery of fuel demand.

A cluster of COVID-19 infections in Beijing has increased concerns about a resurgence of the disease in China.

Saudi Arabia's benchmark index eased 0.4pc, with National Commercial Bank, the kingdom's largest lender, dropping 1.4pc and Al Rajhi Bank down 0.3pc.

State-owned Saudi Aramco was down 0.2pc.

On Sunday, the oil giant bought 2.1 billion shares of Saudi Basic Industries (SABIC) on the stock market, completing a deal to buy 70pc of the petrochemical giant, according to sources and market data. SABIC traded 0.3pc lower.

The benchmark index in Dubai, the United Arab Emirates' business and tourism hub, was 1.2pc lower, weighed down by a 1.8pc fall in Emaar Properties and a 1.6pc drop in Dubai Islamic Bank.

The Abu Dhabi index slipped 0.5pc, with top lender First Abu Dhabi Bank easing 1.8pc.

The Qatari index lost 0.7pc, with Qatar Islamic Bank shedding 1.8pc and petrochemical firm Industries Qatar down 1.2pc.

The Gulf state will begin lifting coronavirus lockdown restrictions under a four-phase plan starting on June 15, when some mosques can reopen and flights can depart, government spokeswoman Lulwa Rashed al-Khater said last week.