Mideast Stocks: #Qatar leads gains in Gulf markets; #Saudi falls

Mideast Stocks: Qatar leads gains in Gulf markets; Saudi falls

Qatari stocks opened higher on Monday after a five-session losing streak, while Abu Dhabi and Saudi shares fell amid a volatile energy market.

Oil, which fuels the Gulf region's growth, edged higher after falling about 8% last week, with Brent crude up 0.8% at $80.60 a barrel, as of 0730 GMT.

Demand in China, the world's largest crude importer and No. 2 buyer of liquefied natural gas, has become the biggest uncertain factor in the global oil and gas markets in 2023.

The Qatari Stock index rose 0.8%, with almost all sectors trading in positive territory. Industries Qatar and Qatar Commercial Bank climbed 1.9% and 2.6%, respectively.

Dubai's benchmark stock index rose 0.4%, with almost all sectors trading in positive territory. Dubai Electricity and Water Authority rose 1.3% and Emirates Central Cooling climbed 1.3%.

Emirates NBD, Dubai's largest lender, and tolls operator Salik gained 0.4% and 1.2%, respectively.

Saudi Arabia's benchmark stock index fell 0.8%, extending losses to a sixth session. The index fell 1.34% on Sunday in its worst session since Dec. 7.

Oil giant Aramco opened down 1.1%, with Al Rajhi Bank, the world's largest Islamic bank by market value, shedding 0.8%.

Saudi Basic Industries and Riyad Bank fell 2.2% and 2.1%, respectively.

In Abu Dhabi, the benchmark stock index opened down 0.1%, weighed down by a 1% drop in First Abu Dhabi Bank , the country's biggest lender, and a 0.8% decline in telecoms provider Emirates Telecommunications.