MIDEAST STOCKS-Oil price fall hurts major Gulf markets

  • Reuters
  • Stock Market News
MIDEAST STOCKS-Oil price fall hurts major Gulf markets

By Ateeq Shariff

April 21 (Reuters) - Major stock markets in the Gulf ended lower on Wednesday, as oil prices were weighed down by concerns that surging COVID-19 cases in India would pressure fuel demand in the world's third-biggest oil importer.

India on Wednesday reported another record increase in the daily death toll from COVID-19. crude LCOc1 futures for June declined $1.15, or 1.7%, to $65.42 a barrel at 0100 GMT. O/R

The movement in oil prices is a key catalyst for the Gulf region's financial markets.

Saudi Arabia's benchmark index .TASI eased 0.2%, with Riyad Bank 1010.SE shedding 1.4% and oil behemoth Saudi Aramco 2222.SE down 0.4%.

In Dubai, the main share index .DFMGI fell 0.9%, with its top lender Emirates NBD ENBD.DU and blue-chip developer Emaar Properties EMAR.DU losing more than 1% each.

The Abu Dhabi index .ADI retreated 1.5%, dragged down by a 2% fall in First Abu Dhabi Bank (FAB) FAB.AD and telecoms giant Etisalat ETISALAT.AD .

The United Arab Emirates had warned that it could impose restrictions on people who have not been vaccinated against COVID-19 as the region's business and tourism hub pushes its immunisation campaign. Gulf Arab state on Tuesday recorded 1,903 new infections to bring its total to 500,860 cases.

In Qatar, the index .QSI closed 0.7% lower, hit by a 2.1% fall in petrochemical maker Industries Qatar IQCD.QA .

Elsewhere, Qatar National Bank QNBK.QA , the Gulf's largest lender, slipped 0.5% after EFG Hermes cut its price target on the lender's shares.

Outside the Gulf, Egypt's blue-chip index .EGX30 finished 0.2% higher, extending its gains for a fifth consecutive session.

SAUDI ARABIA .TASI fell 0.2% to 10,095 ABU DHABI

.ADI dropped 1.5% to 6,061 DUBAI

.DFMGI lost 0.9% to 2,600 QATAR

.QSI down 0.7% to 10,840 EGYPT

.EGX30 rose 0.2% to 10,642 BAHRAIN

.BAX was up 0.1% to 1,483 OMAN

.MSI was flat at 3,697 KUWAIT

.BKP eased 0.2% to 6,584

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