Mideast Stocks: Major Gulf markets fall in early trade

Mideast Stocks: Major Gulf markets fall in early trade

Major stock markets in the Gulf dropped in early Tuesday trade amid muted moves in oil prices, while investors assessed a visit to the Middle East by U.S. Secretary of State Antony Blinken to discuss a ceasefire offer in the region.

The top U.S. diplomat met Saudi Arabia's de-facto ruler on Monday during the Middle East visit Palestinians hope will clinch a truce before a threatened Israeli assault on Rafah, a border city where about half the Gaza Strip population is sheltering.

Oil prices, a key catalyst for the Gulf's financial markets, were little changed, with Brent trading at $78.16 a barrel by 0730 GMT.

In Abu Dhabi, the benchmark stock index dropped 0.9%, with conglomerate Alpha Dhabi down 2.9% and Multiply Group shedding 3.2%.

Aldar Properties rose 1.2% as the developer said it would spend 5 billion dirhams ($1.4 billion) more to develop a range of income-generating assets across three key destinations in Abu Dhabi.

Dubai's benchmark stock index retreated 0.7%, weighed down by a 10% drop in Gulf Navigation and a 9.8% fall in Ajman Bank.

The Qatari benchmark index was down 0.3%, weighed down by a 1.7% fall in Qatar Gas Transport and a 1.2% drop in Qatar Electricity and Water.

Saudi Arabia's benchmark stock index was down 0.2%, with largest lender Saudi National Bank dropping 1.1% and Banque Saudi Fransi declining 4%.