MIDEAST STOCKS-Major Gulf markets ease on weaker oil; #Dubai rises | Nasdaq

MIDEAST STOCKS-Major Gulf markets ease on weaker oil; Dubai rises | Nasdaq

Major Gulf markets were subdued in early trading on Monday, mirroring weak oil prices, while the Dubai index was on track to extend gains from the previous session.

Brent crude oil futures LCOc1 were down 24 cents, or 0.5%, at $49.01 a barrel by 0752 GMT, as a continued surge in coronavirus cases globally forced a series of renewed lockdowns. O/R

Saudi Arabia's benchmark index .TASI fell 0.2%, with Al Rajhi Bank 1120.SE losing 0.6%, while oil behemoth Saudi Aramco 2222.SE was down 0.4%.

Dubai's main share index .DFMGI gained 0.4%, led by a 1.4% rise in its largest lender Emirates NBD ENBD.DU.

Property stock Emaar Properties EMAR.DU strengthened 1.5% in the morning trade.

The Abu Dhabi index .ADI lost 0.3%, with telecoms firm Etisalat ETISALAT.AD shedding 1%.

The Qatari index .QSI eased 0.1%, hurt by a 0.5% fall in petrochemical firm Industries Qatar IQCD.QA and a 0.8% drop in Qatar International Islamic Bank QIIB.QA.

In the previous session, Qatari stocks closed higher buoyed by hopes of a resolution to a dispute with some of the country's Arab neighbours.

Saudi Arabia, the United Arab Emirates, Bahrain and Egypt have imposed a diplomatic, trade and travel embargo on Qatar since mid-2017, accusing Doha of supporting terrorism. Qatar denies the charges and says the embargo aims to undermine its sovereignty.

The Saudi foreign minister on Friday said that resolution with Qatar seemed "within reach" after Kuwait announced progress towards ending a row that Washington says hampers a united Gulf front against Iran.