Mideast Stocks: Major Gulf bourses drop in early trade on weaker oil prices

Mideast Stocks: Major Gulf bourses drop in early trade on weaker oil prices

Major Stock markets in the Gulf fell in early trade on Tuesday, tracking declines in oil prices, with the U.S. Federal Reserve's hawkish tone weighing on investor sentiment.

Oil prices - a key catalyst for the Gulf's financial markets - declined, with Brent crude down 1.2% at $92.16 a barrel by 0850 GMT.

Dubai's benchmark stock index was down 0.7%, dragged by a 1.6% fall in Emaar Properties and 0.8% loss in Dubai Electricity and Water Authority.

The emirate's largest lender Emirates NBD and Dubai Islamic Bank slipped 1.1% and 0.8%, respectively.

Abu Dhabi's benchmark stock index fell 0.4%, weighed by a 0.4% loss in International Holding Company and 1.2% drop in Alpha Dhabi Holding.

Saudi Arabia's benchmark stock index was down 0.3% with Dr Sulaiman Al Habib Medical Services losing 1.1% and Saudi Awwal Bank sliding 1.9%.

Among the losers, oil major Saudi Aramco shed 0.8% and Riyad Bank lost 1.1%.

In Qatar, the benchmark was little changed, with losses in finance and utilities sectors capping gains in industry and energy sectors.

Industries Qatar and Qatar Navigation added 0.6% and 1.2% respectively, while Gulf's largest lender Qatar National Bank slipped 0.4% and Doha Bank dropped 1.4%.

The U.S. Federal Reserve's hawkish tone last week drove a message to