MIDEAST STOCKS-Most Gulf markets fall in early trade; #Qatar rises | Nasdaq

MIDEAST STOCKS-Most Gulf markets fall in early trade; Qatar rises | Nasdaq

Major stock markets in the Gulf traded lower on Monday, pressured by financial shares amid falling oil prices, although Qatar bucked the sombre mood to open higher.

Oil prices, a key catalyst for the Gulf region's financial markets, edged lower on renewed concerns that European lockdowns may slow an anticipated recovery in demand for fuel products. O/R

Saudi Arabia's benchmark index .TASI fell 0.3%, with National Commercial Bank 1180.SE, the kingdom's largest lender, shedding 1.6%, while Samba Financial Group 1090.SE was down 1.5%.

Elsewhere, Saudi Aramco 2222.SE eased 0.1%, a day after the oil behemoth reported a sharp decline in 2020 net profit.

Aramco expects to cut capital expenditure, it said after reporting a 44% slump in full-year net profit, hit by lower crude oil prices and sales as the COVID-19 pandemic depressed demand.

In Dubai, the main share index .DFMGI fell 0.8%, pressured by a 2.2% decline in Dubai's largest lender Emirates NBD Bank ENBD.DU and 0.6% decrease in Dubai Islamic Bank DISB.DU.

The Abu Dhabi index .ADI eased 0.2%, on course to extend losses for a fourth straight session, with the country's largest lender First Abu Dhabi Bank FAB.AD losing 0.4%.

Among others, Dana Gas DANA.AD dropped 1.2%, after investment bank EFG Hermes, on Monday, slashed its target price to AED 0.830 ($0.2260) from AED 0.900.

In Qatar, the benchmark index .QSI edged 0.2% higher, helped by a 1.3% gain in petrochemical maker Industries Qatar IQCD.QA.