Most Gulf markets track oil, Asian shares lower | Reuters

Most Gulf markets track oil, Asian shares lower | Reuters

Most major stock markets in the Gulf fell in early trade on Monday, tracking oil prices and Asian shares lower, with the Saudi index on course to snap a three-session rally.

Oil prices - a key catalyst for the Gulf's financial markets - declined more than 1% as concerns about China's faltering economic recovery and a stronger dollar weighed against seven weeks of gains on tightening supply from OPEC+ output cuts.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) lost 1.7% as China's property woes amplified the case for serious stimulus even as Beijing seems deaf to the calls.

Saudi Arabia's benchmark index (.TASI) fell 0.3%, on course to snap three sessions of gains, with Saudi Awwal Bank (1060.SE) retreating 2.4% as the lender traded ex-dividend.

Among other laggards, oil giant Saudi Aramco (2222.SE) fell 0.4%, while Saudi Arabian Mining Co (1211.SE) declined 1% following a steep fall in second-quarter profit.

Dubai's main share index (.DFMGI) eased 0.2%, with utility firm Dubai Electricity and Water Authority (DEWAA.DU) losing 0.8%.

The Qatari benchmark (.QSI) dropped 0.1%, with the Gulf's biggest lender Qatar National Bank (QNBK.QA) falling 1%.

Separately, the foreign reserves of the central bank of Qatar reached 241.6 billion Qatari riyals ($66.32 billion) at the end of July - the bank said in a statement on Sunday.

In Abu Dhabi, the index (.FTFADGI), however, bucked the trend to trade 0.3% higher.