Mideast Stocks: Most Gulf markets fall on lower oil prices; Dubai gains

Mideast Stocks: Most Gulf markets fall on lower oil prices; Dubai gains

Most major Gulf stock markets fell in early trading on Wednesday, as lower oil prices and weaker-than-expected Chinese economic data soured sentiment, while Dubai edged up.

Oil, which fuels the region's growth, was trading on the back foot as worries of slowing demand from top oil importer China after weak manufacturing data outweighed some positive progress on the U.S. debt ceiling bill.

Brent crude futures for August delivery fell 15 cents to $73.56 a barrel by 0656 GMT.

Saudi Arabia's benchmark stock index fell 0.8%, with almost all of its constituent stocks trading in the red. Banking stocks lead the losses.

Saudi National Bank, Kingdom's largest lender by assets, and Riyad Bank slipped 1.9% and 2.1% respectively.

State oil giant and index heavyweight Saudi Aramco was down 0.5%.

In Abu Dhabi, the benchmark index retreated 0.2% and was poised to register a 3.3% monthly decline, dragged by a more than 2% slide in telecoms firm e&, formerly known as Emirates Telecommunications Group, and a 2.9% decline in Multiply Group.

First Abu Dhabi Bank was up 0.6%. UAE's largest lender is set to raise $600 million from an offering of five-year green bonds, a bank document showed on Tuesday.

The Qatari benchmark stock index dropped 0.1%, extending losses to