Most Gulf bourses slip as Omicron fears rattle markets | Reuters

Most Gulf bourses slip as Omicron fears rattle markets | Reuters

Most stock markets in the Gulf fell on Monday, tracking weaker oil prices and tepid Asian shares, as surging Omicron COVID-19 cases triggered tighter curbs in Europe and threatened to swamp the global economy into the New Year.

The Netherlands went into lockdown on Sunday and the possibility of more COVID-19 restrictions being imposed ahead of the Christmas and New Year holidays loomed over several European countries as the Omicron variant spreads rapidly. read more

Saudi Arabia's benchmark index (.TASI) dropped 0.6%, with Al Rajhi Bank (1120.SE) dropping 1% and Dr Sulaiman Al-Habib Medical Services (4013.SE) retreating 2.2%.

The Saudi-led coalition fighting in Yemen destroyed early on Monday a drone it says was aimed at civilians at King Abdullah airport in the southern Saudi city of Jizan, Saudi state media reported. read more

Violence in Yemen's conflict has escalated dramatically over the last few months despite efforts by the United States and the United Nations to engineer a ceasefire in the seven-year-old war, which has caused a dire humanitarian crisis. read more

On the other hand, Almunajem Foods Co gained as much as 10% to open at 66 riyals per share in its stock market debut.

Dubai's main share index (.DFMGI) fell 0.9%, hit by a 0.6% decline in sharia-compliant lender Dubai Islamic Bank (DISB.DU).

Brent crude futures, a key catalyst for the Gulf's financial markets, fell $1.92, or 2.6%, to $71.60 a barrel by 0436 GMT, while MSCI's index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 1.5% to its lowest level in the year. MKTS/

In Abu Dhabi, the index (.ADI) declined 1.2%, dragged down by a 5.2% slide in telecoms firm Etisalat (ETISALAT.AD).

The benchmark index (.QSI) in Qatar, which opened after a session's break, dropped 0.6%, as almost all the stocks on the index traded in negative territory including Commercial Bank (COMB.QA), which was down 1.7%.

Qatar registered its first four cases of the Omicron variant, Reuters reported on Friday, citing the state news agency QNA. read more