Major Gulf markets ease on weaker oil; Dubai rises

Major Gulf markets were subdued in early trading on Monday, mirroring weak oil prices, while the Dubai index was on track to extend gains from the previous session.

Brent crude oil futures were down 24 cents, or 0.5%, at $49.01 a barrel by 0752 GMT, as a continued surge in coronavirus cases globally forced a series of renewed lockdowns.

Saudi Arabia's benchmark index fell 0.2%, with Al Rajhi Bank losing 0.6%, while oil behemoth Saudi Aramco was down 0.4%.


Dubai's main share index gained 0.4%, led by a 1.4% rise in its largest lender Emirates NBD.

Property stock Emaar Properties strengthened 1.5% in the morning trade.

The Abu Dhabi index lost 0.3%, with telecoms firm Etisalat shedding 1%.

The Qatari index eased 0.1%, hurt by a 0.5% fall in petrochemical firm Industries Qatar and a 0.8% drop in Qatar International Islamic Bank.

In the previous session, Qatari stocks closed higher buoyed by hopes of a resolution to a dispute with some of the country's Arab neighbours.

Saudi Arabia, the United Arab Emirates, Bahrain and Egypt have imposed a diplomatic, trade and travel embargo on Qatar since mid-2017, accusing Doha of supporting terrorism. Qatar denies the charges and says the embargo aims to undermine its sovereignty.

The Saudi foreign minister on Friday said that resolution with Qatar seemed "within reach" after Kuwait announced progress towards ending a row that Washington says hampers a united Gulf front against Iran.