Mideast Stocks: Most major Gulf bourses track oil prices lower

Mideast Stocks: Most major Gulf bourses track oil prices lower

Most major stock markets in the Gulf ended lower on Thursday, as oil prices retreated following weak U.S. payrolls data.

Saudi Arabia's benchmark index dropped 0.4%, extending losses from the previous session, with the kingdom's largest lender Saudi National Bank losing 1.5% and Riyad Bank retreating 2.4%.

The kingdom said on Thursday that citizens will be required to take the COVID-19 booster shot to be able to travel abroad starting Feb. 9, state media reported.

The kingdom is also requiring visitors to present a negative PCR result before entry.

Major stock markets in the Gulf were mostly in the red due to weaker oil prices, the effect of Omicron on business activity and lower employment figures in the U.S, said Farah Mourad, senior market analyst of XTB MENA.

"Additionally, interest rates decisions in Europe have been weighing on investors' expectations and could affect markets to some extent."

Dubai's main share index dropped 0.7%, dragged down by a 1.3% fall in blue-chip developer Emaar Properties and a 4.8% slide in Dubai Financial Market.

The market remains cautious after the release of the national PMI index which partly reflected the effect of Omicron and geopolitical tension on business activity, according to Mourad.

The UAE said it intercepted three drones that