Most Gulf markets fall on lower oil prices; #Saudi gains | Reuters

Most Gulf markets fall on lower oil prices; Saudi gains | Reuters

Most stock markets in the Gulf fell in early trade on Thursday on lower oil price, although the Saudi index bucked the trend to trade higher.

Prices of oil - a key catalyst for the Gulf's financial markets - fell as traders warily watched for signs of progress on talks to raise the U.S. debt ceiling, after surging nearly 3% in the previous session on optimism over U.S. fuel demand.

Dubai's main share index (.DFMGI) fell 0.3%, with blue-chip developer Emaar Properties (EMAR.DU) losing 0.8% and toll operator Salik Company (SALIK.DU) retreating 1%.

In Abu Dhabi, the index (.FTFADGI) declined 0.3%.

The Qatari benchmark (.QSI) dropped 0.3%, a day after advancing 2% following media reports that the Gulf state was planning to boost the stock market to attract foreigners.

Saudi Arabia's benchmark index (.TASI) gained 0.4%, with the country's biggest lender Saudi National Bank (1180.SE) gaining 1.8% and oil giant Saudi Aramco (2222.SE) putting on 0.3%.

Separately, the kingdom's First Milling Co said it intended to proceed with an initial public offering (IPO) and listing of its ordinary shares on the Saudi Exchange.

First Mills plans to announce the price range on May 18, and set a final price for its shares on May 31, it said.

President Joe Biden and top U.S. congressional Republican Kevin McCarthy on Wednesday underscored their determination to reach a deal soon to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default.