DYBAI: Major stock markets in the Gulf closed lower on Wednesday amid falling oil prices, as investors remained cautious ahead of Sunday’s scheduled OPEC+ meeting.
Oil prices - a catalyst for the Gulf’s financial markets - declined 2.7% as traders awaited news from the OPEC+ producers group which is likely to extend or even deepen oil supply cuts into next year.
Brent was trading at $80.22 a barrel by 1300 GMT.
Saudi Arabia’s benchmark index fell 0.3%, weighed down by a 2.2% slide in the Kingdom’s largest lender Saudi National Bank and a 2.9% decline in Almunajem Foods .
In Abu Dhabi, the benchmark index was down for a second consecutive session, ending 0.1% lower, with Q Holding dropping 2.1% and UAE’s largest lender First Abu Dhabi Bank declining by 1.3%.
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