Most Gulf markets end lower on weak oil | Reuters

Most Gulf markets end lower on weak oil | Reuters

Most stock markets in the Gulf ended lower on Monday, pressured by weak oil prices, while investors awaited more corporate earnings reports.

Oil prices - a catalyst for the Gulf's financial markets - dipped, pressured by worries over a global glut as U.S.-China trade tensions added to concerns about an economic slowdown and weaker energy demand.

Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.4%, extending losses from the previous session, with ACWA Power Company (2082.SE), opens new tab retreating 3.7%.

ACWA Power on Sunday obtained non-recourse project financing totaling 10.8 billion riyals ($2.88 billion) for the Qurayyah independent power plant expansion project.

Among other losers, oil giant Saudi Aramco (2222.SE), opens new tab was down 0.4%.

However, Saudi National Bank (1180.SE), opens new tab - the country's biggest lender by assets - advanced 1.7% after reporting about a 20% increase in third-quarter net profit.

The market's direction for the week will likely depend on forthcoming earnings reports, as further strong results from the banking sector could sustain the recent upward trend, said Hani Abuagla, senior market analyst at XTB MENA.
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"Conversely, declining oil prices continue to pose a risk."
Dubai's main share index (.DFMGI), opens new tab dropped 0.6%, weighed down by a 2.8% fall in top lender Emirates NBD (ENBD) (ENBD.DU), opens new tab.

ENBD will buy a 60% stake in Indian private lender RBL Bank (RATB.NS), opens new tab for $3 billion, the banks said on Saturday. Shares of the Dubai-based lender jumped over 6% last week on reports of the stake purchase.

In Abu Dhabi, the index (.FTFADGI), opens new tab lost 0.3%.

Softer oil prices pose a risk of capping gains even from positive corporate results, casting a shadow over the market, Abuagla said.

The Qatari index (.QSI), opens new tab closed down 0.3%, with petrochemical maker Industries Qatar (IQCD.QA), opens new tab declining 0.6%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 0.2%, hitting a new record high, helped by a 1.4% rise in Egypt Aluminum (EGAL.CA), opens new tab.