Gulf stocks fall on Wednesday due to lower oil prices

Gulf stock markets fell on Wednesday due to declining oil prices, influenced by a rise in US crude stockpiles and expectations of unchanged output policies by major producers, according to Reuters. Brent crude dropped to $85.46 a barrel.

In Dubai, the stock index slipped 0.1 per cent, led by losses in finance and real estate sectors. Emaar Properties and Dubai Islamic Bank declined 0.6 per cent, while Dubai Electricity and Water rose 0.8 per cent.

Abu Dhabi’s index was down 0.2 per cent, with Purehealth and First Abu Dhabi Bank falling by 1.3 per cent and 1.5 per cent, respectively.

Qatar’s index eased 0.1 per cent, with Baladna and Industries Qatar declining by 0.7 per cent and 0.6 per cent, respectively.  While, Qatar National Bank (QNB) gained 0.2 per cent.

Saudi Arabia’s index dropped 0.1 per cent, with Al Rajhi Bank and Dr Sulaiman Al Habib Medical falling. Modern Mills Company surged 30 per cent on its market debut, according to the report.