Mideast Stocks: Major Gulf markets mixed in early trade, #Qatar extends losses

Mideast Stocks: Major Gulf markets mixed in early trade, Qatar extends losses

Major stock markets in the Gulf were mixed in early trade on Monday, with the Qatari index on course to extend losses for a fourth session.

Saudi Arabia's benchmark index dropped 0.3%, weighed down by a 0.5% fall in oil behemoth Saudi Aramco.

Oil prices - a key catalyst for the Gulf's financial markets - dipped, but optimism that China's reopening from COVID restrictions will lift fuel demand in the world's top crude importer kept prices near 2023 highs, reached after a surge in prices last week.

The Organization of the Petroleum Exporting Countries and the International Energy Agency will release their monthly reports this week, closely watched by investors for global demand and supply outlooks.

Saudi Arabia's annual inflation rate ticked up to 3.3% in December from 2.9% in November, government data showed on Sunday, with price rises again driven mainly by housing costs.

Dubai's main share index rose 0.2%, helped by a 1.4% gain in Emirates Central Cooling Systems and a 0.5% increase in blue-chip developer Emaar Properties.

The United Arab Emirates (UAE) has decided to invest $30 billion in South Korea's industries, South Korea's presidential office said on Sunday, as the two countries seek to expand economic cooperation.

In Qatar, the index declined 1.2%, dragged down by a 3.2% slide in the Gulf's biggest lender Qatar National Bank.