Mideast Stocks: Gulf equities slide on volatile oil; Abu Dhabi gains

Mideast Stocks: Gulf equities slide on volatile oil; Abu Dhabi gains

Gulf equities ended mostly lower on Wednesday, with Saudi Arabia leading the losses amid volatile oil prices on demand worries, although Abu Dhabi edged up.

Oil prices, a key driver for financial markets in the Middle East, fluctuated wildly on Wednesday as the market balanced demand worries related to looming recession risks with fears that Russia will halt all oil and gas supplies.

Most Gulf Cooperation Council countries (GCC), including the United Arab Emirates, have their currencies pegged to the dollar and generally follow the Federal Reserve's policy moves, exposing the region to a direct impact from any monetary tightening by the U.S. central bank.

Saudi Arabia's benchmark index fell 1.1%, extending losses to a third consecutive session, pressured by real estate and financial stocks. Luxury developer Retal Urban Development Company slid 1.9% and lender Al Rajhi Bank was down 0.8%.

In Qatar, the benchmark index, was down 0.8%, declining for the eight time out of last nine trading sessions. Petrochemical makers Industries Qatar and Ooredoo fell 1.7% and 2.4%. Qatari stock market retreated as it was pulled by declining natural gas prices. The uncertainty around energy products could continue to impact the main index strongly, said Ahmed Fouad at Emporium Capital.

Meanwhile, Qatar's central