DUBAI: Stock markets in the Gulf dropped on Monday, led by the Qatar index, tracking global peers lower as investors look ahead to a key US inflation marker later in the week.
Saudi Arabia’s benchmark index slipped 1.1%, the sharpest intraday fall in nearly two months, with oil giant Saudi Aramco and the kingdom’s largest lender Saudi National Bank sliding 1.1% and 1.4%, respectively.
Among other losers, Riyad Bank slumped 4.9%, the deepest drop in over two month, and Al Rajhi Bank slipped 3.5%, the steepest decline in about two months as both lenders were trading ex-dividend.
The Qatari benchmark index declined 1.2%, the sharpest drop in over a month with all stocks in the red.
Qatar National Bank, the region’s largest lender, slumped 3.3% to 14.2 riyal, hitting its lowest in nearly six years.
In Abu Dhabi, the benchmark index was little changed, with conglomerate International Holding and its unit Multiply shedding 0.1% and 1.3%, respectively, while First Abu Dhabi Bank, the UAE’s largest lender gained 1.5%.
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