Major Gulf bourses move in narrow range as oil prices fall | Reuters

Major Gulf bourses move in narrow range as oil prices fall | Reuters

Major stock markets in the Gulf traded in a narrow range in early trade on Wednesday as oil prices fell, with the Saudi index on course to extend losses from the previous session.

Brent oil futures fell 94 cents, or 1.1%, to $85.46 a barrel by 0654 GMT, after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world's largest oil consumer.

Saudi Arabia's benchmark index (.TASI) fell 0.4%, weighed down by 9.9% slide in Rabigh Refining and Petrochemical Company (2380.SE), after the petrochemical firm on Tuesday posted a sharp decrease sequentially in earnings.

Among other losers, SABIC Agri-Nutrients Co (2020.SE) fell 2.5%, while Saudi Arabian Mining Co (Ma'aden) (1211.SE) declined 0.5%, after the chief executive officer of the Gulf's largest miner said on Tuesday that a Board meeting in December will weigh whether it will pay out its first ever dividend.

Bucking the trend, oil behemoth Saudi Aramco (2222.SE) traded 1.1% higher on signing of five memorandum of understandings as part of an initiative to tackle greenhouse gas emissions.

The Abu Dhabi index (.ADI) eased 0.1%, hit by a 0.9% fall in the United Arab Emirates' largest lender First Abu Dhabi Bank (FAB.AD), ahead of its earnings.

On the other hand, Fertiglobe (FERTIGLOBE.AD), a joint venture between Abu Dhabi National Oil Company and chemicals producer OCI (OCI.AS), rose 21% above its listing price of 2.55 dirhams in its market debut. read more

Fertiglobe shareholders sold a 13.8% stake in the initial public offering raising around $795 million.

Dubai's main share index (.DFMGI) added 0.2%, with Dubai Islamic Bank (DISB.DU) advancing 1.2%, as the Sharia-compliant lender reported a rise in its quarterly net profit.

The Qatari benchmark (.QSI) rose 0.4%, driven by a 0.9% gain in Qatar National Bank (QNBK.QA) and a 0.4% increase in petrochemical maker Industries Qatar (IQCD.QA).