Mideast Stocks: Most Gulf markets drop as oil prices fall

Mideast Stocks: Most Gulf markets drop as oil prices fall

Most Gulf stock markets fell in early trade on Monday, in tandem with weaker oil prices and Asian peers as investors were cautious ahead release of crucial U.S. inflation data.

Oil, which fuels the region's growth, declined around 1% with Brent crude was down $85.66 a barrel by 0743 GMT.

The U.S. Federal Reserve has been raising interest rates to rein in inflation, leading to concerns that the move would slow economic activity and demand for oil.

In Abu Dhabi, the benchmark stock index dropped 1.1%, dragged down by a 2.9% loss in Alpha Dhabi and 1.9% fall in Al Dar Properties, while the largest lender by assets, First Abu Dhabi Bank slid 2.1%.

However, ADNOC Drilling jumped 2.1% after it reported a rise of 33% in 2022 net profit, with revenue boosted by its onshore and oilfield services businesses.

The Qatari Stock index fell 0.2%, weighed down by losses in industry and energy sectors with Industries Qatar losing 2.9% and Qatar Fuel shedding 1.5%.

Saudi Arabia's benchmark stock index opened on positive note trading 0.6% higher. The index supported by gains in most sectors with Dr. Sulaiman Al-Habib Medical jumping 2.8% and oil major Aramco rising 0.8%

Riyad Bank and Saudi Arabian Mining surged 4.1% and