Gulf bourses drop on weaker oil prices; #Saudi gains | Reuters

Gulf bourses drop on weaker oil prices; Saudi gains | Reuters

Stock markets in the Gulf declined on Wednesday on falling oil prices as the surge in crude stockpiles in the United States weighed on trader sentiment, although the Saudi index bucked the trend.

Oil prices - a catalyst for the Gulf's financial markets - dropped for a second day, after a report that crude stockpiles in the U.S., the world's biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week.

Brent fell 0.8% to $85.58 a barrel by 1250 GMT.

The Qatari benchmark index (.QSI), opens new tab fell 0.7% to 9,958, its lowest level in more than one and a half months, with almost all sectors in negative territory.

Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, lost 0.6% and Qatar Islamic Bank (QISB.QA), opens new tab slipped 1.9%.

In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab slid for a third straight session and ended 0.5% lower, with Aldar Properties (ALDAR.AD), opens new tab sliding 2.1% and First Abu Dhabi Bank, the UAE's largest lender, falling 1.8%.

Among other losers, Abu Dhabi Islamic Bank (ADIB.AD), opens new tab and Abu Dhabi Commercial Bank(ADCB.AD), opens new tab, the UAE's third-biggest lender, lost 1.4% and 2.7%, respectively.

Dubai's benchmark index (.DFMGI), opens new tab was down for a second straight session and ended 0.3% lower with most sectors in the red.

The blue-chip developer Emaar Properties (EMAR.DU), opens new tab lost 0.7% and Dubai Islamic Bank (DISB.DU), opens new tab slid 0.5%, while Emirates NBD(ENBD.DU), opens new tab, the emirate's largest lender, dropped 1.4%.

Saudi Arabia's benchmark index (.TASI), opens new tab was up 0.2%, after losing for three straight sessions, with most of its constituents posting gains.

Saudi Arabian Mining (1211.SE), opens new tab advanced 3% and Saudi Research and Media Group (4210.SE), opens new tab climbed 5.7%.

Among other gainers, Modern Mills Company (2284.SE), opens new tab soared 30% on its first day of trading, closing at 62.4 riyals against an IPO price of 48 riyals.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab dropped 2.9%, extending its losses to a second consecutive session, with all stocks in the red.

E-Finance for Digital (EFIH.CA), opens new tab slumped 11.6% and Commercial International Bank (COMI.CA), opens new tab slipped 1.6%.