Gulf stock exchanges varied amid a sharp drop in oil prices

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The major stock markets in the Gulf closed mixed on Monday, with two indices up and down in three amid a sharp drop in crude oil prices with a heavy impact on the economies of the region.

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By the time (12:36 GMT), the Brent crude oil futures contract for October delivery fell by $2.64, or 3.75 percent, to $68.08 a barrel.

And US West Texas Intermediate crude contracts for September delivery fell by $2.79, or 3.95 percent, to $65.59 a barrel.

The Saudi market index fell by 0.15 percent and closed at 11,198 points.

Led by collective losses of petrochemical shares led by “SABIC” and “Rabigh”, down by 2.25 percent and 2.15 percent, respectively.

In the UAE, the Abu Dhabi market index rose 0.95% to 7572.8 points, and the most prominent gainers were First Abu Dhabi Bank.

It is the country’s largest bank, and Abu Dhabi Commercial Bank, up 0.96 percent and 2.19 percent, respectively.

The Dubai Stock Exchange index settled at 2823.35 points, with a tendency to rise slightly by 0.01 percent.

And with the support of the shares of “Emirates NBD” and “Dubai Commercial”, they rose by 1.87% and 0.75%, respectively.

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The Qatar Stock Exchange index fell 0.12 percent to 10940.7 points, and the main losers were the shares of “Qatar International Bank” and “Doha”, down by 1.18 percent and 1.15 percent, respectively.

The Muscat Stock Exchange index fell 0.17 percent to 4000.1 points, led by the collective losses of energy stocks.

It was led by “National Electricity” and “Al-Sawadi Energy”, down by 4.17 percent and 3.17 percent, respectively.

And the Kuwaiti and Bahraini markets are on an official holiday on Monday on the occasion of the Islamic New Year.