Most Gulf markets drop on falling oil prices

Most stock markets in the Gulf dropped on Monday following a decline in oil prices, as investors waited for an OPEC+ meeting later this week for an agreement expected to curb supplies into 2024.

Oil prices - a catalyst for the Gulf’s financial markets - had tumbled in the middle of the week after the Organization of the Petroleum Exporting Countries and their allies postponed a ministerial meeting to Nov. 30 to iron out differences on production targets for African producers.

Brent fell 1.2% to $79.69 a barrel by 1230 GMT on Monday.

The Qatari index was down for the fourth consecutive session, ending 1.1% lower, the sharpest drop in a month with almost all stocks in the red.

Industries Qatar slumped 3.4%, the steepest fall since August 8, and Qatar Islamic Bank lost 1.6%.

“Traders continued to react to declines in energy prices, in particular natural gas prices which fell after reaching a peak toward the end of last month”, said Daniel Takieddine, CEO MENA at BDSwiss.

Most Gulf markets in the red on falling oil prices

In Abu Dhabi, the benchmark index dropped 0.4%, ending two straight sessions of gains, with ADNOC Logistics falling 1.3% and UAE’s largest lender First Abu Dhabi Bank sliding 1%.

Saudi Arabia’s benchmark index fell 0.1%, dragged down by losses in materials, energy and utilities sectors with petrochemical giant Saudi Basic Industries Corporation sliding 1.6% and oil major Saudi Aramco shedding 0.5%.

Dubai’s benchmark index extended its gains to a second session, inching up 0.1%, helped by a 0.9% rise in real estate developer Emaar Properties and a 1% gain in tolls operator Salik.

However, the Emirate’s largest lender Emirates NBD and Emirates Central Cooling Systems Corp declined 2.2% and 2.3% respectively.

Outside the Gulf, Egypt’s blue-chip index was up 2.4% with Commercial International Bank surging 8.1% and EFG Holding rising 2.2%.

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 SAUDI ARABIA     fell 0.1% to 11,081
 KUWAIT           lost 0.7% to 7,272
 QATAR            dropped 1.1% to 10,027
 EGYPT            rose 2.4% to 25,906
 BAHRAIN          lost 0.03% to 1,950
 OMAN             lost 0.03% to 4,626
 ABU DHABI        lost 0.4% to 9,515
 DUBAI            added 0.1% to 3,995
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