Stock markets in the Gulf declined yesterday on falling oil prices as the surge in crude stockpiles in the United States weighed on trader sentiment, although the Saudi index bucked the trend.
Oil prices dropped for a second day, after a report that crude stockpiles in the US, the world’s biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week.
The Qatari benchmark index fell 0.7 per cent to 9,958, its lowest level in more than one and a half months, with almost all sectors in negative territory.
In Abu Dhabi, the benchmark index slid for a third straight session and ended 0.5pc lower, with Aldar Properties sliding 2.1pc and First Abu Dhabi Bank, the UAE’s largest lender, falling 1.8pc.
Dubai’s benchmark index was down for a second straight session and ended 0.3pc lower with most sectors in the red.
Saudi Arabia’s benchmark index was up 0.2pc, after losing for three straight sessions, with most of its constituents posting gains.