Mideast Stocks: Most Gulf bourses decline as lower oil prices weigh

Mideast Stocks: Most Gulf bourses decline as lower oil prices weigh

Dubai led declines among stock markets in the Gulf on Monday, as sentiment was weighed by a fall in global equities and oil prices. Global shares skidded as investors fretted about the spillover risk to the global economy from property group China Evergrande's troubles, while eyeing a week packed with global central bank meetings. Dubai's main share index retreated 1.2%, as most of the stocks on the index finished lower, including its top lender , which lost 1.4%. The fall in Dubai stocks could prove temporary as strong local fundamentals continue to improve. Thanks to sanitary improvements, the local tourism industry is outperforming its equivalent in other countries, said Wael Makarem, senior market strategist Exness. In Abu Dhabi, the index dropped 0.8%, weighed by country's largest lender and telecoms firm , which fell 1% each. Saudi Arabia's benchmark index fell 0.6%, with losing 0.6% and petrochemical maker falling 1.3%. A stronger dollar kept oil under pressure, with crude also taking a hit from energy companies in the U.S. Gulf of Mexico resuming production after back-to-back hurricanes in the region shut output. The recovery in U.S. crude production capacity and doubts about demand levels in Asia are eroding the support base