MIDEAST STOCKS-Most major Gulf markets extend losses; banks boost Saudi | Nasdaq

MIDEAST STOCKS-Most major Gulf markets extend losses; banks boost Saudi | Nasdaq:

Most major Gulf stocks indexes fell on Tuesday, extending losses from the previous session, as nervous investors continued to sell due to weak oil prices, while bargain buying supported Saudi equities.

Brent crude LCOc1 was up 42 cents, or 1.9%, at $23.18 a barrel at 0750 G5MT, after closing on Monday at $22.76, its lowest finish since November 2002.

Meanwhile, global oil refiners have cut their throughput because of the slump in demand for transportation fuel, with European refineries slashing output by at least 1.3 million barrels per day (bpd), sources told Reuters.

In Abu Dhabi, the index .ADI declined 1%. First Abu Dhabi Bank FAB.AD, the country's largest lender, traded 2.8% lower, while Abu Dhabi Commercial Bank ADCB.AD was down 2.5%.

Dubai's main share index .DFMGI retreated 0.8%, pressured by a 4.3% fall in blue-chip developer Emaar Properties EMAR.DU and a 4.8% drop in its unit Emaar Development EMAARDEV.DU.