Mideast Stocks: Major Gulf markets drop on falling oil prices

Mideast Stocks: Major Gulf markets drop on falling oil prices

SAUDI ARABIA fell 0.3% to 11,100 

KUWAIT added 0.1% to 7,302 

QATAR lost 0.03% to 10,223 

EGYPT was up 1% to 25,030 

BAHRAIN added 0.1% to 1,948 

OMAN Closed 

ABU DHABI dropped 0.1% to 9,533 

DUBAI gained 0.3% to 3,997

Major stock markets in the Gulf closed lower on Wednesday amid falling oil prices, as investors remained cautious ahead of Sunday's scheduled OPEC+ meeting.

Oil prices - a catalyst for the Gulf's financial markets - declined 2.7% as traders awaited news from the OPEC+ producers group which is likely to extend or even deepen oil supply cuts into next year. Brent was trading at $80.22 a barrel by 1300 GMT.

Saudi Arabia's benchmark index fell 0.3%, weighed down by a 2.2% slide in the Kingdom's largest lender Saudi National Bank and a 2.9% decline in Almunajem Foods.

In Abu Dhabi, the benchmark index was down for a second consecutive session, ending 0.1% lower, with Q Holding dropping 2.1% and UAE's largest lender First Abu Dhabi Bank declining by 1.3%.

The Qatari index fell marginally as the gains in most sectors limited losses in finance and consumer staples sectors. Industries Qatar added 0.5% and Qatar Electricity and Water gained 0.9%, while Qatar International Islamic Bank and Baladna shed 1.7% and 1.8%, respectively.

Dubai's benchmark index was up 0.3%, ending the previous session's losses, aided by a 1% gain in tolls operator Salik and a 1.9% rise in Tecom Group.

Outside the Gulf, Egypt's blue-chip index extended its rally to a second session and ended 1% higher with most sectors in the green. Commercial International Bank gained 1.3% and Talaat Mostafa Group Holding Co surged 4.2%.