Major stock markets in the Gulf fell in early trade on Tuesday on growth worries following COVID-19 flare-ups in China and weak oil demand, with the Qatari index on course to extend losses for a sixth session.

Saudi Arabia’s benchmark index dropped 0.3%, on course to extend losses for a third session, with Dr Sulaiman Al-Habib Medical Services losing 2.7% and Riyad Bank falling 1.1%.

On Monday, the kingdom said that OPEC+ was sticking with oil output cuts and could take further measures to balance the market amid falling prices, denying a report it was considering boosting output, according to state news agency SPA.

Physical crude markets have weakened in recent days, reflecting softer demand from China and Europe.

Most Gulf bourses fall on weak oil, Egypt ends six-day gain streak

Crude prices - a key catalyst for the Gulf’s financial markets - inched higher on Tuesday as the dollar eased but worries about a global recession and China’s rising COVID-19 case numbers denting demand from the world’s top crude oil importer weighed on sentiment.

Dubai’s main share index fell 0.3%, hit by a 0.4% fall in Emirates NBD.

Separately, Dubai’s main airport on Tuesday raised its passenger forecast for this year by nearly two million to 64.3 million people after a strong pick up in business in the third quarter from the same period last year.

In Abu Dhabi, the index lost 0.4%.

United Arab Emirates’ energy minister said on Monday that the Gulf state denied that it is engaging in any discussion with other OPEC+ members to change their latest agreement, adding that it is valid until the end of 2023.

The Qatari index retreated 0.8%, on course to extend losses for a sixth session, with Qatar Islamic Bank dropping 1.6%.