Major Gulf stock markets dip amid falling oil prices

Major stock markets in the Gulf dropped on Thursday amid falling oil prices after the postponement of the Organisation of the Petroleum Exporting Countries (OPEC+) meeting stoked speculation the group might not deepen output cuts next year.

Oil prices – a catalyst for the Gulf’s financial markets – slipped on Thursday after OPEC and allies including Russia in a surprise move on Wednesday delayed a ministerial meeting to Nov. 30. Producers were struggling to agree on output levels ahead of the meeting originally set for Nov. 26, OPEC+ sources said.

Brent futures were down 0.9 percent at $81.925 a barrel by 1300 GMT, after falling as much as four percent on Wednesday.

Dubai’s benchmark index fell 0.3 percent, contrasting with the previous session’s gain, weighed down by a 2.3 percent decline in Emirates Central Cooling Systems Corp and a 0.9 percent drop in Dubai Islamic Bank.

Saudi Arabia’s benchmark index was down for a second session in a row and ended 0.2 percent lower, with most sectors in the red. Saudi Arabian Mining fell 2.2 percent and oil major Saudi Aramco lost 0.2 percent.

The Qatari index fell 0.1 percent, dragged down by losses in industry, energy and materials sectors, with Industries Qatar slipping one percent and Qatar Gas Transport Nakilat Co dropping 1.2 percent.

In Abu Dhabi, the benchmark index ended flat, with ADNOC Gas dropping 2.4 percent while the UAE’s largest lender First Abu Dhabi Bank gained 0.8 percent.

Outside the Gulf, Egypt’s blue-chip index stretched its rally to a third session and ended 2 percent higher, with almost all sectors in the green.

Commercial International Bank surged 5.1 percent and EFG Holding rose 3.3 percent.

SAUDI ARABIA fell 0.2 percent to 11,078.

KUWAIT added 0.1 percent to 7,309.

QATAR lost 0.1 percent to 10,209.

BAHRAIN added 0.2 percent to 1,952.

ABU DHABI ended flat at 9,533.

DUBAI lost 0.3 percent to 3,985.