MIDEAST STOCKS-Major Gulf markets ease in early trade; #Qatar rises | Nasdaq

MIDEAST STOCKS-Major Gulf markets ease in early trade; Qatar rises | Nasdaq

Most major stock markets were subdued in early trade on Tuesday as oil prices weakened, while Qatar's index was supported by financial shares.

Saudi Arabia's benchmark index .TASI slipped 0.1%, with Riyad Bank 1010.SE declining 1.2% and Jabal Omar Development 4250.SE dropping 1.8%.

Oil prices, a key catalyst for Gulf markets, edged down as tighter lockdowns in Europe and an OPEC forecast for a slower recovery in demand next year outweighed relief from the roll-out of COVID-19 vaccines. O/R

Brent crude LCOc1 futures were down 40 cents, or 0.8%, at $49.90 a barrel by 0816 GMT.

Dubai's main shares index .DFMGI lost 0.5%, with its largest lender Emirates NBD Bank ENBD.DU falling 0.9% and Emaar Properties EMAR.DU losing 1.4%.

Dubai's non-oil private sector shrank for a second consecutive month in November as the pandemic drove business sentiment to an historic low, a survey showed on Monday.

The seasonally adjusted IHS Markit Dubai Purchasing Managers' Index (PMI) declined to 49.0 in November from 49.9 in October, which was just below the 50-mark that separates growth from contraction and snapped a third-quarter growth streak.

In Abu Dhabi, the index .ADI eased 0.2%, hit by a 0.8% fall in Abu Dhabi Commercial Bank ADCB.AD and a 1% drop in Abu Dhabi Islamic Bank ADIB.CA.

The Qatari index .QSI added 0.1%, supported by a 1.4% gain in Commercial Bank COMB.QA and a 1.2% rise in Qatar International Islamic Bank QIIB.