Most stock markets in the Gulf were subdued in early trade on Wednesday as oil price fell, though Qatar’s index edged up on strong corporate earnings.

Oil prices, a catalyst for the Gulf’s financial markets, declined for a third day amid increasing hopes of a ceasefire agreement in the Gaza conflict, and on rising crude inventories and production in the US Brent was down 1.3% at $85.23 a barrel by 0815 GMT.

Dubai’s benchmark stock index was 0.3% lower, pressured by losses in the real estate, consumer discretionary and utilities sectors, with blue-chip developer Emaar Properties dropping 5.6% and Tecom Group sliding 1.8%.

Saudi Arabia’s benchmark stock index fell 0.3% in early trade, with most of its constituents posting losses, led by consumer staples, real estate and finance.

Al Rajhi Bank, the world’s largest Islamic lender, slipped 0.6% and Savola Group dropped 1.7%.

Among other losers, oil giant Saudi Aramco slipped 0.5% and Alinma Bank dropped 0.9%.

In Abu Dhabi the benchmark stock index was little changed, with the emirate’s biggest developer Aldar Properties gaining 1.1% while Emirates Telecommunications shed 0.5%.

Gulf bourses end mixed; Egypt extends decline

The Qatari benchmark index rose 0.3%, supported by gains in all sectors, with Barwa Real Estate adding 1.7% and Industries Qatar, known as IQ, advancing 1.4%.

The developer Barwa and industry conglomerate IQ both reported a rise in their quarterly net profit on Tuesday.