Gulf markets flat despite oil price slide | Reuters

Gulf markets flat despite oil price slide | Reuters

Major stock markets in the Gulf were largely flat on Thursday, supported by gains in financial shares despite falling oil prices.

Brent crude LCOc1 futures fell 64 cents, or 1.55%, to $40.59 a barrel at 0756 GMT as Democrat Joe Biden edged closer to the White House in a nail-biting U.S. presidential election, but the Republicans look likely to retain Senate control.

Saudi Arabia's benchmark index .TASI slipped 0.2%, a day after registering sharp gains, with Dr Sulaiman Al-Habib Medical Services 4013.SE losing 1.1% and oil giant Saudi Aramco 2222.SE down 0.3%.

Meanwhile, the kingdom on Wednesday announced new plans to ease foreign workers’ contractual restrictions, abolishing a controversial seven-decade-old sponsorship system known as kafala.

Saudi Arabia, which chairs the Group of 20 major economies (G20) this year, is seeking to boost its private sector, part of a plan to diversify its oil-dependent economy.

Dubai's main share index .DFMGI gained 0.4%, with sharia-compliant lender Dubai Islamic Bank DISB.DU and Emirates NBD Bank ENBD.DU both rising 0.7%.

The Abu Dhabi index .ADI edged up 0.1%, helped by a 0.5%increase in the country's largest lender First Abu Dhabi Bank FAB.AD.

In Qatar, the index .QSI added 0.2%, with Commercial Bank COMB.QA gaining 1%.

The Gulf state’s budget will be drawn up on the assumption of an oil price of $40 a barrel to shield the gas-rich Gulf country from oil price volatility, Qatar’s Emir said on Tuesday.