Mideast Stocks: Major Gulf bourses retreat after oil tumbles; Abu Dhabi edges up

Mideast Stocks: Major Gulf bourses retreat after oil tumbles; Abu Dhabi edges up

Most major Gulf equities fell on Wednesday, tracking oil's slide to seven-month lows on renewed demand fears and interest rate hikes, although Abu Dhabi edged up, bucking the trend.

The oil price, a key driver for financial markets in the Middle East, fell to $91.75 a barrel by 0644 GMT after slipping 3% in the previous session.

Most Gulf Cooperation Council countries (GCC), including the United Arab Emirates, have their currencies pegged to the dollar and generally follow the Fed's policy moves, exposing the region to a direct impact from any monetary tightening by the U.S. Federal Reserve.

Saudi Arabia's benchmark index fell 0.1%, extending losses to a third consecutive session as financial and material stocks moved sideways. The chemical maker Sahara International Petrochemical - Sipchem: slid 1.5%, while largest lender Al Rajhi Bank was up 0.4%.

In Dubai, the main share index edged down 0.4% with losers outnumbering gainers, hit by a 0.8% retreat in blue-chip developer Emaar Properties and a 0.3% ease in Dubai Islamic Bank.

In Abu Dhabi, the index edged up 0.1%, supported by country's largest lender, First Abu Dhabi Bank, which was up 0.2%. Conglomerate International Holding Company also gained 0.7% after its listed unit Al Seer Marine announced a