Most Gulf markets fall on weak oil ahead
May 5 (Reuters) - Most major stock markets in the Gulf fell in early trade on Monday pressured by falling oil prices and investor caution ahead of developments in U.S.-China trade relations.
Oil prices - a catalyst for the Gulf's financial markets - fell more than $1 a barrel as OPEC+ is set to further speed up oil output hikes, spurring concerns about more supply coming into a market clouded by an uncertain demand outlook.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.7%, hit by a 1.4% fall in Al Rajhi Bank (1120.SE), opens new tab and a 2.7% decline in ACWA Power Company (2082.SE), opens new tab.
The kingdom's non-oil private sector activity expansion slowed in April as growth in new orders decelerated sharply, even as hiring rates reached their joint-fastest pace in more than a decade, a survey showed on Monday.
Dubai's main share index (.DFMGI), opens new tab fell 0.3%, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab losing 0.4%.
In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.1%.
The Qatari index (.QSI), opens new tab, however, gained 0.2%, helped by a 0.7% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab.
U.S. President Donald Trump said on Sunday the U.S. was meeting with many countries including China on trade deals.
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