Most stock markets in the Gulf dropped on Monday following a decline in oil prices, as investors waited for an OPEC+ meeting later this week for an agreement expected to curb supplies into 2024.
Oil prices - a catalyst for the Gulf's financial markets - had tumbled in the middle of the week after the Organization of the Petroleum Exporting Countries and their allies postponed a ministerial meeting to Nov. 30 to iron out differences on production targets for African producers. Brent fell 1.2% to $79.69 a barrel by 1230 GMT on Monday.
The Qatari index was down for the fourth consecutive session, ending 1.1% lower, the sharpest drop in a month with almost all stocks in the red. Industries Qatar slumped 3.4%, the steepest fall since August 8, and Qatar Islamic Bank lost 1.6%.
"Traders continued to react to declines in energy prices, in particular natural gas prices which fell after reaching a peak toward the end of last month", said Daniel Takieddine, CEO MENA at BDSwiss.
In Abu Dhabi, the benchmark index dropped 0.4%, ending two straight sessions of gains, with ADNOC Logistics falling 1.3% and UAE's largest lender First Abu Dhabi Bank sliding 1%.
Saudi Arabia's benchmark index fell 0.1%, dragged down by losses in materials, energy and utilities sectors with petrochemical giant Saudi Basic Industries Corporation sliding 1.6% and oil major Saudi Aramco shedding 0.5%.
Dubai's benchmark index extended its gains to a second session, inching up 0.1%, helped by a 0.9% rise in real estate developer Emaar Properties and a 1% gain in tolls operator Salik. However, the Emirate's largest lender Emirates NBD and Emirates Central Cooling Systems Corp declined 2.2% and 2.3% respectively.
Outside the Gulf, Egypt's blue-chip index was up 2.4% with Commercial International Bank surging 8.1% and EFG Holding rising 2.2%.
Oil prices - a catalyst for the Gulf's financial markets - had tumbled in the middle of the week after the Organization of the Petroleum Exporting Countries and their allies postponed a ministerial meeting to Nov. 30 to iron out differences on production targets for African producers. Brent fell 1.2% to $79.69 a barrel by 1230 GMT on Monday.
The Qatari index was down for the fourth consecutive session, ending 1.1% lower, the sharpest drop in a month with almost all stocks in the red. Industries Qatar slumped 3.4%, the steepest fall since August 8, and Qatar Islamic Bank lost 1.6%.
"Traders continued to react to declines in energy prices, in particular natural gas prices which fell after reaching a peak toward the end of last month", said Daniel Takieddine, CEO MENA at BDSwiss.
In Abu Dhabi, the benchmark index dropped 0.4%, ending two straight sessions of gains, with ADNOC Logistics falling 1.3% and UAE's largest lender First Abu Dhabi Bank sliding 1%.
Saudi Arabia's benchmark index fell 0.1%, dragged down by losses in materials, energy and utilities sectors with petrochemical giant Saudi Basic Industries Corporation sliding 1.6% and oil major Saudi Aramco shedding 0.5%.
Dubai's benchmark index extended its gains to a second session, inching up 0.1%, helped by a 0.9% rise in real estate developer Emaar Properties and a 1% gain in tolls operator Salik. However, the Emirate's largest lender Emirates NBD and Emirates Central Cooling Systems Corp declined 2.2% and 2.3% respectively.
Outside the Gulf, Egypt's blue-chip index was up 2.4% with Commercial International Bank surging 8.1% and EFG Holding rising 2.2%.
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