Mideast Stocks: Major Gulf Markets Subdued on Soft Oil Prices

Most stock markets in the Gulf drooped on Wednesday, largely influenced by softer global oil prices.

Oil prices - a catalyst for the Gulf's financial markets - fell nearly 1%, weighed down by oversupply in the market, while expectations that an end to the longest-ever U.S. government shutdown could boost oil demand curbed losses.

Analysts have previously highlighted that crude oversupply is curbing price gains. Earlier this month OPEC+ agreed to a pause in increasing its output in the first quarter of next year, after having unwound its cuts to production since August this year.

Saudi Arabia's benchmark index fell 0.1%, hit by a 0.9% drop Al Rajhi Bank and a 1% decline in Saudi Telecom Company.

Dubai's main share index declined 0.5%, dragged down by a 2% slide in toll operator Salik and a 1.1% fall in top lender Emirates NBD. However, Dubai Electricity and Water Authority rose 0.4%, after reporting a rise in quarterly profit.

In Abu Dhabi, the index was down 0.4%, with Aldar Properties retreating 1.6%. On the other hand, Dana Gas closed 0.7% higher.

 The energy firm said on Wednesday it had signed a preliminary deal with Syria's state oil company to assess redeveloping natural gas fields crippled in the 13-year civil war that made Syria reliant on imports from Iran.

The Qatari index was down 0.2%, with Qatar Islamic Bank losing 0.6%. Outside the Gulf, Egypt's blue-chip index edged 0.1% lower, pulling further back from record highs hit on sunday, with tobacco monopoly Eastern Company losing 3.5%.

Saudi Arabia fell 0.1% to 11,255

Abu Dhabi retreated 0.4% to 9,994

Dubai lost 0.5% to 6,042

Qatar declined 0.5% to 11,082

Egypt down 0.1% to 40,229

Bahrain was flat at 2,075

Oman gained 0.5% to 5,720

Kuwait dropped 0.3% to 9,440