Most Gulf equities ended lower on Monday, under pressure from a fall in oil prices as investors balanced expectations of oversupply against the disruptive impact of political tensions.
Brent crude futures were down 23 cents, or 0.4%, to $60.52 a barrel at 0940 GMT as market analysts took the view the U.S. capture of President Nicolas Maduro of Venezuela, home of the biggest global oil reserves, would have little immediate impact on available supplies of crude.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.4%, extending losses from the previous session's 1.8% fall. ACWA Power Co (2082.SE), opens new tab dropped 4.7%, while oil giant Saudi Aramco (2222.SE), opens new tab slipped 0.4%.
Regional tensions and a bearish outlook for oil prices in 2026 weakened market sentiment. However, healthy growth in the non-oil economy, the prospect of monetary easing in 2026, and upcoming fourth-quarter earnings releases may provide the catalysts needed for a rebound, Joseph Dahrieh, managing director at Tickmill, said.
NON-OIL PRIVATE BUSINESS GROWS
The kingdom's non-oil private business sector remained in growth territory in December, though expansion slowed to a four-month low and new order growth decelerated, a survey released on Monday found.
Dubai's main share index (.DFMGI), opens new tab edged 0.3% higher, helped by a 2.1% rise in top lender Emirates NBD (ENBD.DU), opens new tab.
The Dubai market remains backed by solid fundamentals and healthy economic growth projections for 2026, Dahrieh said, while adding geopolitics could continue to weigh.
In Abu Dhabi, the index (.FTFADGI), opens new tab was down 0.5%.
The Organization of the Petroleum Exporting Countries and allies kept oil output unchanged on Sunday after a quick meeting that avoided discussing the political crises affecting several of the producer group's members.
The Qatari benchmark (.QSI), opens new tab rose 1.7%, and all its constituents were in positive territory, including the Gulf's biggest lender, Qatar National Bank (QNBK.QA), opens new tab, which gained 2.2%.
Egypt and Qatar signed a memorandum of understanding to boost cooperation in LNG sales and imports, including terms for supplying Qatari shipments to Egypt's Ain Sokhna and Damietta ports, Egypt's petroleum ministry said on Sunday.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab concluded 0.5% lower, with Telecom Egypt (ETEL.CA), opens new tab retreating 2%.
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