Most Gulf markets fall on lower oil prices | Reuters

Most Gulf markets fall on lower oil prices | Reuters

Most stock markets in the Gulf eased on Thursday, as weaker oil prices drove selling in thin volume trade as the Christmas holidays kept foreign investors away.

Oil, a driver for the Gulf's financial markets, settled marginally lower on Wednesday and was on course for the steepest annual decline since 2020 as investors weighed the implication for demand of U.S. economic growth and assessed the risk of supply disruptions from Venezuela and Russia.

Lower crude prices and disruptions to oil exports affect the fiscal balances of oil-dependent countries.

Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.1%, weighed down by a 0.9% fall in the country's biggest lender, Saudi National Bank (1180.SE), opens new tab.

Elsewhere, shares in oil giant Saudi Aramco (2222.SE), opens new tab were down 0.3%.

GCC stock markets were mostly negative on Thursday. Ahead of the year-end, liquidity could remain limited, said Daniel Takieddine Co-founder and CEO, Sky Links Capital Group. Markets are also expected to remain range-bound in the coming sessions.

Dubai's main share index (.DFMGI), opens new tab dropped 0.4%, dragged down by a 1.4% fall in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.

In Abu Dhabi, the main index (.FTFADGI), opens new tab eased 0.1%.

The Qatari benchmark gauge (.QSI), opens new tab was down 0.3%, with Qatar Islamic Bank (QISB.QA), opens new tab falling 0.7%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab declined 0.6%, with Commercial International Bank (COMI.CA), opens new tab losing 1.8%.