Mideast Stocks: Most Gulf markets track oil prices, global shares lower

Mideast Stocks: Most Gulf markets track oil prices, global shares lower

Most stock markets in the Gulf ended lower on Monday, as investors tracked sluggish oil prices and global shares after rare protests in China against the country's zero-COVID curbs roiled sentiment.

Crude prices - a key catalyst for the Gulf's financial markets - fell close to their lowest this year as street protests against strict COVID-19 curbs in China, the world's biggest crude importer, stoked concern over the outlook for fuel demand. China has stuck with President Xi Jinping's zero-COVID policy even as much of the world has lifted most restrictions.

Meanwhile, Group of Seven (G7) and European Union diplomats have been discussing a price cap on Russian oil of between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow's military offensive in Ukraine without disrupting global oil markets.

Saudi Arabia's benchmark index fell 0.5%, hit by a 2.8% fall in Retal Urban Development Co and a 2.6% decline in oil giant Saudi Aramco. Dubai's main share index dropped 0.5%, weighed down by a 1.5% fall in top lender Emirates NBD and a 1.3% decrease in Dubai Electricity and Water Authority.

In Abu Dhabi, the equities retreated 1.2%, dragged down by a 3.9% fall in the country's biggest lender