Gulf stock markets generally fell early on Tuesday, with Saudi Arabia marginally lower and Dubai and Qatar declining by bigger margins, after comments by U.S. President Donald Trump on OPEC‘s planned supply cut drove oil prices lower.
Brent oil <LCOc1> hovered near multi-month lows under $70 a barrel following a decline for a record 11th consecutive session amid softening demand, and after Trump said he hoped there would be no oil output reductions.
The Saudi stock index <.TASI> was down 0.2 percent after 75 minutes. Saudi Basic Industries <2010.SE> fell 0.5 percent while Al-Rajhi Bank <1120.SE> and National Commercial Bank <1180.SE> were flat.
However, Medgulf <8030.SE> rose 6.2 percent to its highest level in nearly three months in heavy trade after signing a health insurance contract with Saudi Electricity <5110.SE>.
Dubai’s main index <.DFMGI> fell 0.8 percent, dragged down by a 2.8 percent drop in banking heavyweight Emirates NBD <ENBD.DU>.
Islamic Arab Insurance <SALAMA.DU> lost 2.6 percent after posting a third-quarter loss compared with a year-ago profit. Union Properties <UPRO.DU> was down 1.6 percent after its loss widened in the third quarter.
Qatar’s blue-chip index <.QSI> shed 0.7 percent as lender Masraf Al Rayan <MARK.QA> fell 1.6 percent and Industries Qatar <IQCD.QA> slipped 0.9 percent. Qatar National Bank <QNBK.QA> was down 0.9 percent.
The Abu Dhabi index <.ADI> was flat, with telecommunications giant Etisalat <ETEL.AD> gaining 0.7 percent. Abu Dhabi Islamic Bank <ADIB.AD>, which had soared over 13 percent to a 2-1/2-year high on Monday after saying it would let foreigners buy its shares, retreated 1.4 percent.