Mideast Stocks: Most Gulf Markets Fall on Lower Oil Prices

Most stock markets in the Gulf eased on ‍Thursday, as ‍weaker oil prices drove selling in thin volume trade ​as the Christmas holidays kept foreign investors away.

Oil, a driver for the ⁠Gulf's financial markets, settled marginally lower on Wednesday and was on ⁠course for ‌the steepest annual decline since 2020 as investors weighed the implication for demand of U.S. economic growth and ⁠assessed the risk of supply disruptions from Venezuela and Russia. Lower crude prices and disruptions to oil exports affect the fiscal balances of oil-dependent countries.

Saudi Arabia's benchmark index fell 0.1%, ⁠weighed down by a 0.9% ​fall in the country's biggest lender, Saudi National Bank. Elsewhere, shares in oil giant Saudi ‍Aramco were down 0.3%.

GCC stock markets were mostly negative on Thursday. Ahead ​of the year-end, liquidity could remain limited, said Daniel Takieddine Co-founder and CEO, Sky Links Capital Group. Markets are also expected to remain range-bound in the coming sessions.

Dubai's main share index dropped 0.3%, dragged down by a 1.4% fall in blue-chip developer Emaar Properties. In Abu Dhabi, the main index eased 0.1%. The Qatari benchmark gauge was down 0.3%, with Qatar Islamic Bank falling 0.7%. Outside the Gulf, ⁠Egypt's blue-chip index declined 0.6%, with Commercial ‌International Bank losing 1.8%.

Saudi Arabia eased 0.1% to 10,526

Abu Dhabi lost 0.1% to 10,032

Dubai dropped 0.4% to 6,142

Qatar declined 0.3% to 10,801

Egypt was down 0.6% to 41,253

Bahrain was ‌flat at ⁠2,064

Oman added 0.2% to 5,956

Kuwait was up 0.2% to 9,596