Most Gulf markets fall on caution ahead of OPEC+ meeting; #Saudi gains | Reuters

Most Gulf markets fall on caution ahead of OPEC+ meeting; Saudi gains | Reuters

Most Gulf stock markets dropped in early trade on Wednesday amid volatile oil prices, as investors remained cautious ahead of a crucial OPEC+ meeting to decide output policy in the coming months.

Oil prices - a key catalyst for the Gulf's financial markets - fell slightly with Brent trading at $81.59 a barrel by 0740 GMT, after it gained about 2% on Tuesday.

OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets, after delaying the meeting from Nov. 26.

In Abu Dhabi, the benchmark stock index (.FTFADGI) was down 0.5%, weighed down by a 1.4% drop in Multiply(MULTIPLY.AD) and 1.2% decline in National Marine Dredging (NMDC.AD).

Dubai's benchmark stock index (.DFMGI) fell 0.1% in early trade, with most sectors in the red.

Emirates Central Cooling Systems Corp (EMPOWER.DU) declined 1.8% and Aramex (ARMX.DU) dropped 3.8%.

The Qatari benchmark index (.QSI) was down 0.1% with most sectors in the red, dragged down by 0.6% drop in Qatar Commercial Bank (COMB.QA) and 0.7% decline in Dukhan Bank (DUBK.QA).

Saudi Arabia's benchmark stock index (.TASI) edged up 0.1%, helped by gains in most sectors with Etihad Atheeb Telecommunication (7040.SE) surging 2.9% and Arabian Pipes (2200.SE) climbing 2.2%.