MIDEAST STOCKS Major Gulf markets fall tracking oil, Asian shares | Reuters

MIDEAST STOCKS Major Gulf markets fall tracking oil, Asian shares | Reuters

Major Gulf markets were subdued in early trading on Wednesday, mirroring Asian stocks, due to weak oil prices as concerns over a resurgence in coronavirus cases in some countries cast doubt on the strength of global growth and demand for crude oil.

India, the world's third-largest oil user, on Wednesday reported another record increase in the daily death toll from COVID-19, at 2,023, and another record rise in cases at more than 295,000. read more

Brent crude futures for June declined 29 cents, or 0.4%, to $66.28 a barrel at 0645 GMT.

The movement in oil prices is a key catalyst for the Gulf region's financial markets.

Saudi Arabia's benchmark index (.TASI) eased 0.1%, with oil behemoth Saudi Aramco (2222.SE) losing 0.3%, while Saudi National Bank (1180.SE), the kingdom's largest lender, was down 0.4%.

Dubai's main share index (.DFMGI) lost 0.4%, hit by a 0.8% fall in blue-chip developer Emaar Properties (EMAR.DU) and a 0.4% decrease in Emirates NBD (ENBD.DU).

In Abu Dhabi, the index (.ADI) dropped 0.7%, with the country's largest lender First Abu Dhabi Bank (FAB.AD) losing 1% ahead of its board meeting to approve first-quarter earnings.

The Qatari index (.QSI) fell 0.5%, pressured by a 1.3% fall in petrochemical maker Industries Qatar (IQCD.QA).

Elsewhere, Qatar National Bank (QNBK.QA), the Gulf's largest lender, slipped 0.6% after EFG Hermes cut its price target on the lender's shares.