Mideast Stocks: Most Gulf markets track oil, Asian shares lower

Mideast Stocks: Most Gulf markets track oil, Asian shares lower

Most major stock markets in the Gulf fell in early trade on Monday, tracking oil prices and Asian shares lower, with the Saudi index on course to snap a three-session rally.

Oil prices - a key catalyst for the Gulf's financial markets - declined more than 1% as concerns about China's faltering economic recovery and a stronger dollar weighed against seven weeks of gains on tightening supply from OPEC+ output cuts.

MSCI's broadest index of Asia-Pacific shares outside Japan lost 1.7% as China's property woes amplified the case for serious stimulus even as Beijing seems deaf to the calls.

Saudi Arabia's benchmark index fell 0.3%, on course to snap three sessions of gains, with Saudi Awwal Bank retreating 2.4% as the lender traded ex-dividend.

Among other laggards, oil giant Saudi Aramco fell 0.4%, while Saudi Arabian Mining Co declined 1% following a steep fall in second-quarter profit.

Dubai's main share index eased 0.2%, with utility firm Dubai Electricity and Water Authority losing 0.8%.

The Qatari benchmark dropped 0.1%, with the Gulf's biggest lender Qatar National Bank falling 1%.

Separately, the foreign reserves of the central bank of Qatar reached 241.6 billion Qatari riyals ($66.32 billion) at the end of July - the bank said in a statement