Mideast Stocks: Most major Gulf markets fall; #Dubai gains | ZAWYA MENA Edition

Mideast Stocks: Most major Gulf markets fall; Dubai gains | ZAWYA MENA Edition

Stock markets in the Gulf slipped on Sunday after oil prices fell at the end of last week, although Dubai bucked the trend to trade higher.

Oil prices settled lower on Friday and lost around 2% on the week as production increases and renewed COVID-19 lockdowns in some countries offset optimism about a recovery in fuel demand.

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

Saudi Arabia's benchmark index slipped 0.2%, hit by a 1.1% fall in Al Rajhi Bank and a 0.9% decline in Saudi National Bank.

However, oil behemoth Saudi Aramco edged up 0.1%.

It was supported by news that the company had agreed a $12.4 billion deal to sell a 49% stake in its pipelines to a consortium led by U.S.-based EIG Global Energy Partners, although the deal had been expected.

Announced late on Friday, it is the company's largest deal since its record $29.4 billion initial public offering in late 2019.

Dubai's main share index rose 0.5%, led by a 1.6% gain in blue-chip developer Emaar Properties and a 4.2% jump in DAMAC Properties.

In Abu Dhabi, the index fell 0.1%, with aquaculture firm International Holding losing 0.4% and Gulf Pharmaceutical Industries tumbling 7.6%.

Abu Dhabi National Oil Company (ADNOC) is considering listing its drilling business on the local stock market, according to three sources familiar with the matter.

The state oil giant says its drilling company is the largest in the Middle East.

In Qatar, the index dropped 0.7%, pressured by a 5.5% slide in utility firm Qatar Electricity and Water.