Mideast Stocks: Major Gulf markets fall on weak oil prices

Mideast Stocks: Major Gulf markets fall on weak oil prices

Major stock markets in the Gulf dropped in early trade on Thursday on weak oil prices with the Qatari index on course to fall for a fifth session. Oil prices, a catalyst for Gulf markets, reclaimed some ground after falling nearly 4% overnight to their lowest settlements since June, but investors remained concerned about sluggish demand and economic slowdowns in the U.S. and China. Saudi Arabia's benchmark index eased 0.1%, hit by a 1.5% fall in Saudi Arabian Mining Co and a 0.2% decrease in oil giant Saudi Aramco. The kingdom's real gross domestic product (GDP) contracted by 4.4% in the third quarter, government data showed on Thursday, as oil activity plummeted 17% compared with a year earlier following crude output cuts under OPEC+ agreements. Meanwhile, Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman met to discuss further oil price cooperation on Wednesday as members of OPEC+, which may strengthen the market's confidence in the impact of output cuts. Dubai's main share index lost 0.6%, weighed down by a 1.2% decline in top lender Emirates NBD and a 0.8% decrease in blue-chip developer Emaar Properties. In Abu Dhabi, the index was down 0.4%. The Qatari benchmark retreated