MIDEAST STOCKS-Most Gulf stocks ease on Europe lockdowns, U.S. tax hike fears | Nasdaq

MIDEAST STOCKS-Most Gulf stocks ease on Europe lockdowns, U.S. tax hike fears | Nasdaq

Most stock markets in the Gulf ended lower on Wednesday, tracking global equities as coronavirus lockdowns in Europe and potential U.S. tax hikes hit risk appetite.

"The concerns of a third COVID-19 wave in Europe is weighing down on demand expectations thus negatively affecting energy prices and oil prices which are particularly sensitive in the Gulf region," said James Campion, private banker at Ourea.

Saudi Arabia's benchmark index .TASI fell 0.3%, pressured by a 4.2% fall in Riyad Bank 1010.SE, which went ex-dividend.

However, insurer Alinma Tokio Marine 8312.SE surged about 10% after two of its major shareholders agreed not to transfer or dispose any of its shares for a five-year period.

In Dubai, the main share index .DFMGI retreated 0.7%, with top lender Emirates NBD ENBD.DU losing 1.4% and blue-chip developer Emaar Properties EMAR.DU declining 1.1%.

Amid growing competition among Gulf states to position themselves for a post-oil future, Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum on Tuesday announced plans to restructure his government to make it more efficient.

Dubai's economy, which is the region's most diversified, was one of the hardest hit by the pandemic. S&P estimated that GDP contracted 10.8% last year.

But, in Qatar, the benchmark .QSI bucked the trend to finish 0.2% higher, helped by a 1.2% rise in the Gulf's largest lender Qatar National Bank QNBK.QA.