Mideast Stocks: Most Gulf markets turn south as risk appetite wanes

Mideast Stocks: Most Gulf markets turn south as risk appetite wanes

Most stock markets in the Gulf ended lower on Monday as risk appetite among investors faded, while global issues and energy uncertainty continued to weigh on sentiment.

Prices of oil — which fuels the economy in the Gulf region — were steady as bullish sentiment about tightening supplies from OPEC+ cuts and a resumption in U.S. buying for reserves outweighed concerns about fuel demand in the top global oil consumers, the United States and China.

Saudi Arabia's benchmark index dropped 1%, hit by a 1.8% fall in oil giant Saudi Aramco. The kingdom's annual inflation rate was 2.7% in April, unchanged from the previous month, driven mostly by housing rental costs, according to government data released on Monday.

The Qatari benchmark closed 1.8% lower, its biggest fall since mid-March, as most of its constituents were in the negative territory. The Qatari stock market followed other markets in the region to the downside.

The main index saw traders securing their gains after the market's latest rebound, but could find some support as natural gas prices could begin to recover, said Daniel Takieddine, CEO MENA at BDSwiss.

Dubai's main share index retreated 1%, with top lender Emirates NBD losing 2.5% and sharia-compliant bank Dubai Islamic Bank falling