Mideast Stocks: Major Gulf markets fall as financial shares drag

Mideast Stocks: Major Gulf markets fall as financial shares drag

Most Middle Eastern stock markets ended lower on Wednesday, dragged down by losses in financial shares, with energy stocks reeling from a plunge in oil prices that sent crude futures below $40 a barrel for the first time since June.Brent crude tumbled more than 5% on Tuesday after Saudi Arabia cut its October selling prices and COVID-19 cases rebounded in several countries, although it clawed back some losses on Wednesday. O/RState-owned oil giant Saudi Aramco was down 0.4%.Helping offset some of those losses, Saudi Electricity Company 5110.SE gained 1.2%. The kingdom's electric transmission monopoly plans to issue U.S. dollar-denominated bonds soon, Reuters reported on Tuesday, citing four sources familiar with the matter. Dubai's main share index fell 0.6%, weighed down by a 2.7% slide in Emirates NBD Bank and a 1.4%