Mideast Stocks: Most Gulf markets fall on weak oil ahead
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 dropped 0.7%, hit by a 1.4% fall in Al Rajhi Bank and a 2.7% decline in ACWA Power Company.
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 fell 0.3%, with blue-chip developer Emaar Properties losing 0.4%.
In Abu Dhabi, the index eased 0.1%.
The Qatari index, however, gained 0.2%, helped by a 0.7% rise in the Gulf's biggest lender Qatar National Bank .
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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