Mideast Stocks: Most Gulf bourses fall as Omicron worries weigh

Mideast Stocks: Most Gulf bourses fall as Omicron worries weigh

Most Gulf stock markets ended lower on Monday, with investor sentiment hit by uncertainty over the economic impact of the Omicron coronavirus variant. The spread of the Omicron variant is becoming an increasing concern despite reports of it having a less serious impact on health than previous variants, said Farah Mourad, senior market analyst at XTB MENA. Saudi Arabia's benchmark index dipped by 0.1%, with Al Rajhi Bank losing 0.7% and Riyad Bank declining 1.5%. Saudi health authorities advised citizens and residents last week to avoid all unnecessary foreign travel. The kingdom reported its first Omicron case on Dec. 1. Crude oil prices, a key catalyst for the Gulf's financial markets, fell after U.S. airlines called off thousands of flights over the Christmas holidays amid surging COVID-19 cases. The Qatari index .QSI dropped 0.3%, while Oman's benchmark settled 0.4% down. Omani authorities require foreign travellers aged 18 or older to have received at least two COVID-19 vaccine doses to enter the sultanate, the state news agency reported on Sunday. Dubai's main share index advanced 0.9%, boosted by a 1.5% gain in blue-chip developer Emaar Properties and a 1.3% increase in sharia-compliant lender Dubai Islamic Bank . Investors are returning to