Mideast Stocks: Most Gulf Markets Subdued on Weak Oil

Major stock markets in the Gulf were subdued in early trade on Monday, pressured by weak oil prices, while investors also awaited more corporate earnings reports.

Oil prices - a catalyst for the Gulf's financial markets - were weighed down 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 eased 0.1%, on course to extend losses from the previous session, with ACWA Power Company losing 2.2%.

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.

Elsewhere, oil giant Saudi Aramco fell 0.3%.

However, Saudi National Bank - the country's biggest lender by assets - advanced 1.4% after reporting about a 20% increase in third-quarter net profit.

Dubai's main share index shed 0.4%, hit by a 1.5% fall in top lender Emirates NBD (ENBD).

ENBD will buy a 60% stake in Indian private lender RBL Bank 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 was flat.

The Qatari index was down 0.1%, with the Gulf's biggest lender Qatar National Bank losing 0.5%.

($1 = 3.7504 riyals)