Most Gulf markets fall in early trade; #Saudi, #Qatar rise | Reuters

Most Gulf markets fall in early trade; Saudi, Qatar rise | Reuters

Most Stock markets in the Gulf dropped in early trade on Monday amid volatile oil prices, while Qatar and Saudi bucked the trend.

Crude prices — a key catalyst for the Gulf's financial markets — were volatile with Brent traded down 3 cents at $88.52 a barrel by 0648 GMT and inching up to $88.57 a barrel by 0730 GMT.

Dubai's benchmark stock index (.DFMGI) dropped 0.2% in early trade, weighed down by losses in industry and utilities sectors, with National Central Cooling (TABR.DU) slipping 2.2% and the tolls operator Salik (SALIK.DU) dropping 0.6%.

The emirate's largest lender Emirates NBD (ENBD.DU) lost 0.6%.

In Abu Dhabi, the benchmark stock index (.FTFADGI) was down 0.3%, dragged down by a 1.2% loss in ADNOC Drilling (ADNOCDRILL.AD) and 1.2% decline in ADNOC Gas (ADNOCGAS.AD).

First Abu Dhabi Bank (FAB.AD), largest lender in the United Arab Emirates, slipped 0.4%.

In Qatar, the benchmark (.QSI) added 0.4%, with Industries Qatar (IQCD.QA) gaining 1.6% and Commercial Bank (COMB.QA) trading 1.9% higher.

Saudi Arabia's benchmark stock index (.TASI) was up 0.1%, aided by gains in finance, health and materials sectors with Dr Sulaiman Al-Habib Medical Services (4013.SE) rising 1.4% and Saudi Basic Industries (2010.SE) gaining 1%.