Mideast Stocks: Most Gulf markets subdued as sliding oil prices spook investors

Mideast Stocks: Most Gulf markets subdued as sliding oil prices spook investors

Most gulf markets traded on the back foot on Thursday and Saudi Arabia fell deeper in the red as a global slowdown stoked fears on oil demand, tumbling its prices to multi-month lows.

Saudi Arabia's benchmark index settled 0.3% lower and ran into a fourth straight loss after its financial and energy shares came under selling pressure. Saudi National Bank shed 1.9% and oil giant Saudi Aramco lost 1%.

The Dubai index dropped 0.7% and was heading for a second consecutive weekly decline. Financial shares led most other sectors lower. The region's trade and tourism hub is facing headwinds from slower-than-expected growth this year and next in its property prices. The rising inflationary trends and higher interest rates globally are staving off particularly foreigners from buying properties in the emirate that counts real estate a key sector.

The Abu Dhabi index gained 0.7% after recent waves of sales turned the market attractive for investors looking to buy into weakness.

"The Abu Dhabi stock market rebounded after accumulating losses for almost a month," said Ahmed Ayoub, chief business development office at Trader's Hub. "Traders could push the market to the upside to a certain extent after this price correction phase".

The two back-to-back sessions of gains